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24 No.31514 GOVERNMENT GAZETTE, 15 OCTOBER 2008
BOARD NOTICE 105 OF 2008
FINANCIAL SERVICES BOARD
FINANCIAL ADVISORY AND INTERMEDIARY SERVICES ACT, 2002 (ACT NO. 37 OF 2002) .
DETERMINATION OF QUALIFYING CRITERIA AND QUALIFICATIONS FOR FINANCIAL SERVICES PROVIDERS, 2008
I, DUBE PHINEAS TSHIDI, the Registrar of Financial Services Providers, after consultation with the Advisory Committee on Financial Services Providers, hereby under the definition of "qualifying criteria" in paragraph 1 (1) and paragraph 5 of the Determination of Fit and Proper Requirements for Financial Services Providers, 2008, determine the qualifying criteria and qualifications for financial services providers as set out in the Schedule.
aISHI'b1
DPTSHIDI Registrar of Financial Services Providers
STAATSKOERANT, 15 OKTOBER 2008 No.31514 25
SCHEDULE
DETERMINATION OF QUALIFYING CRITERIA AND QUALIFICATIONS FOR FINANCIAL SERVICES PROVIDERS~ 2008
PART I: PART II: PART III: PART IV: PART V:
PART Vi: PART VII:
DEFINITIONS QUALIFYING CRITERIA QUALIFICATIONS LIST OF APPROPRIATE SUBJECTS MAINTENANCE OF QUALIFYING CRITERIA AND QUALIFICATIONS LIST OF QUALIFYING CRITERIA AND QUALIFICATIONS MISCELLANEOUS
PART I: DEFINITIONS
1. In this Schedule:-
1 2 3 4
5 6 7
"the Act" means the Financial Advisory and Intermediary Services Act, 2002, including, unless the context indicates otherwise, any measure referred to in the definition of "this Act" in section 1 (1) of the Act; and
any word or expression to which a meaning has been assigned in the Act and in the Determination of Fit and Proper Requirements for Financial Services Providers, 2008, shall have that meaning, and, unless the context otherwise indicates -
lJaccredited training provider" means a provider of occupational learning programmes;
"entry level qualification" means a qualification obtained on or by the date of first appointment, and is normally at a lower level than the required full qualification;
"ful! qualifications" means a qualification that is appropriate to a specific category or subcategory of financial products;
"generic qualification" means a qualification that addresses knowledge, skills and competence that are broadly applicable to the financial services industry, without addressing any specific type of narrow specialisation relating to a specific subcategory;
"institutions of higher education" means institutions, whether public or private, that is accredited by the Council for Higher Education to provide learning programmes at the higher education level;
26 No. 31514 GOVERNMENT GAZETTE, 15 OCTOBER 2008
2
"learning" the acquisition of knowledge, understanding, values, skills, competence and/or experience through a range of formal and/or informal activities and/or processes aimed at achieving a specific learning objective.;
"professional programme and/or qualification" means a learning programme and/or qualification offered by a professional body (voluntary or statutory) for the purposes of providing specialised knowledge in a specific field of the financial services industry;
"specific qualification" means a qualification that addresses specific and/or specialised knowledge, skills and competence that is applicable to the financial services industry, and may address a specific type of specialisation and/or subcategory in the financial services industry;
PART II: QUALIFYING CRITERIA
2. (1) The purpose of the qualifying criteria is to provide the criteria against which the regulatory examinations will be set, and against which any proposed qualification(s) will be evaluated and considered for recognition by the Registrar.
(2)· The qualifying criteria applicable to the regulatory examinations are published in Annexure 1 of this Determination.
PART III: QUALIFICATIONS
3. (1) Qualifications will be approved based on the extent to which the qualification addresses the quaHfyingcriteria that had been approved and published by the Registrar.
(2) Applications for approval of a qualification must be submitted in the prescribed format as published by the Registrar, will be evaluated against the qualifying criteria for the applicable regulated function, category or subcategory, and will, upon approval, be added to the list of recognised qualifications.
(3) The following types of qualifications will be considered for recognition: (a) A qualification that is registered by SAQA; (b) an extracurricular specialist programme offered at a post
graduate level by an Institution of Higher Education; (c) an industry or professional programme offered through a
professional body recognised by the Registrar or an accredited provider; or
STAATSKOERANT, 15 OKTOBER 2008 No,31514 27
3
(d) a foreign qualification similar to qualifications in paragraph (a) to (c) above.
(4) Subject to the requirements of part V of the Determination of Fit and Proper Requirements for Financial Services Providers, 2008, qualifications will be approved in terms of the requirements in the case of-(a) "full qualifications", for category I purposes; (b) "entry level" qualifications, for category II, IIA and/or III; or (c) "full qualifications", for category II, IIA and/or III.
(5) The list of recognised qualifications will distinguish between the applicable recognition that is given to each qualification, and will indicate the following types of recognition:
(a) generic qualifications recognised for qualification purposes for sole proprietors, key individuals and/or representatives in category I FSPs, where the regulatory examinations at levels one and two are also required;
(b) generic qualifications recognised for entry level qualification purposes for sole proprietors, key individuals and/or representatives in category II, IIA and/or III FSPs, where the regulatory examinations at levels one and two are also required;
(c) generic qualifications recognised for entry level qualification and/or qualification requirement purposes for sole proprietors , key individuals and/or representatives in specific subcategories or category II, liP. and/or III FSPs, where the regulatory examinations at levels one and two are also required;
(d) specific qualifications recognised for entry level qualification and/or qualification requirement purposes for sole proprietors, key individuals and/or representatives in specific subcategories of category II, itA and/or III FSPs, where the regulatory examination at level one is not required;
(e) specific qualifications recognised for entry level qualification and/or qualification requirement purposes for sole proprietors, key individuals and/or representatives in specific subcategories of category II, IIA and/or III FSPs, where the regulatory examination at level two is not required;
(6) Generic qualifications must meet the following criteria:
(a) The quali'fication must be approved by the Registrar as a generic qualification for meeting the entry level qualification and/or qualification requirements in respect of category I, II, IIA and/or III;
(b) the generic qualification must be completed in full;
28 No. 31514 GOVERNMENT GAZETTE, 15 OCTOBER 2008
4
(c) the individual must have successfully completed a minimum of three different subjects or modules that appear in the appropriate subject list, as set out in paragraph 4 of this Determination: Provided that at Certificate and Diploma level, the qualification must contain at least three of these subjects with at least one of the subjects in the field of commerce, and where a certificate or diploma has major subjects, at least one must be a major subject (final year level); and
(d) at Degree level at least one of the subjects must be in the field of commerce and of the three subjects at least one must be a major subject (final year level}.
(7) With reference to the transitional requirements, as published in Part X of the Determination of Fit and Proper Requirements for Financial Services Providers, 2008, the specific qualifications must meet the following criteria:
(a) (i) the qualification was assessed against the qualifying criteria for a specific Category and/or subcategory; and
(ii) where the qualification contains a fundamental, core and elective component, the fundamental, core and elective component of the qualification corresponds with at least eighty percent (80%) of the qualifying criteria for the specific
. Category and/or subcategory; or (b) the qualification corresponds with at least eighty percent (80%) of
the qualifying criteria for the specific Category and/or subcategory.
(8) With reference to post-transitional requirements, as published in Part V of the Determination of Fit and Proper Requirements for Financial Services Providers, 2008, the specific qualifications must meet the following criteria:
(a) (i) The qualification was assessed against the qualifying criteria for a specific Category and/or subcategory; and
(ii) where the qualifications contains a fundamental, core and elective component, the fundamental, core and elective component of the qualification corresponds fully with the qualifying criteria for the specific Category and/or subcategory; or
(b) the qualification corresponds fully with the qualifying criteria for the specific Category and/or subcategory.
(9) The list of recognised qualifications applies to all applicants, key individuals and representatives, in accordance with the Category or subcategory he or she renders financial services in.
STAATSKOERANT, 15 OKTOBER 2008 No.31514 29
5
PART IV: LIST OF APPROPRIATE SUBJECTS
4. The following subjects are deemed to meet the requirements for appropriateness, and will be used in combination with the list of generic qualifications as approved by the Registrar.
Category I Category II and IIA Category III Accounting Accounting Accounting Actuarial Science Actuarial Science Actuarial science Agricultural economics Agricultural economics Applied Mathematics Applied Mathematics Applied Mathematics Applied Statistics Applied Statistics Applied Statistics Auditing Auditing Auditing Business economics Banking Banking Business Environment Business Economics Business Economics Business Finance
--
Business Finance Business Finance Business information systems Business Management Business Management Business Integration Commercial law Commercial law Business Management Companies law Companies law Commercial law Consumer behaviour Consumer behaviour Consumer behaviour Corporate Finance Corporate Finance Companies law Econometrics Econometrics Computer architecture Economics Economics Corporate Finance Estate and trust law Estate and trust law Econometrics Finance Finance Economics Financial Accountina Financial Accounting Estate and trust law Financial analysis Financial analysis Finance Financial Management Financial Management Financial Accounting Financial planning Financial planning Financial analysis Financial/ Securities Financial! Securities Markets Financial Management Markets Insurance Insurance Financial/ Securities Markets Interpretation of Statutes I nterpretation of Statutes Interpretation of Statutes Investment or Portfolio Investment or Portfolio Informatics Management Management Law of contract or delict Law of contract or delict Information Technology
Architecture Management Accounting Management Accounting Information Technology
Enterprise Mathematical Statistics Mathematical Statistics Insurance Mathematics Mathematics Investment Marketing Marketing Law of contract or delict Mercantile law Mercantile law Legal Environment
!
I
30 No.31514 GOVERNMENT GAZETTE. 15 OCTOBER 2008
6
~gorl'~i_ ..... Cat~gory II and IIA Categor~ iii Portfolio Management Portfolio Management Management Accounting Risk management Risk management ! Mathematics Statistics or analytical Statistics or analytical Marketing techniques ! techniques c----- . Strategic Management Strategic l\Aanagement Mercantile law _ ...
Taxation ,Taxation Network administration Taxation law Taxation law Process Management
(Process Modelling and i Control)
Wealth management Wealth management Programming Risk Management
• Services Marketin~ Statistics Strategic Communication Management Skills Strategic management Strategic Marketing Strateg~
ffixation -".
i Taxation law Wealth management
PART V: MAINTENANCE OF QUALIFYING CRITERIA AND LIST OF RECOGNISED QUALIFICATIONS
5. The Registrar will from time to time, after consultation with the Advisory Committee, publish an updated version of this Schedule and lor its Annexures, by notice in the Gazette.
PART VI: LIST OF QUALIFYING CRITERIA AND LIST OF RECOGNISED QUALIFICATIONS
6. (1) The list of recognised qualifying criteria will be published as part of Annexure 1 to this Determination.
(2) The list of recognised qualifications will be published by the Registrar after consultation with the Advisory Committee as part of the Annexures to this Determination.
(3) The use of the abbreviation "G" in relation to a qualification on the list of recognised qualifications indicates that it is recognised as a generiC qualification for a specific subcategory, and still requires the relevant regulatory examination at second level to be completed.
"'-
i
STAATSKOERANT, 15 OKTOBER 2008 No.31514 31
7
(4) The use of the abbreviation "S" in relation to a qualification on the list of recognised qualifications indicates that it is recognised as a specific qualification for a specific subcategory, and does not require the relevant regulatory examination at second level to be completed in relation to the transitional requirements.
(5) The use of the abbreviation "SP" in relation to a qualification on the list of recognised qualifications indicates that it is recognised as a specific qualification for a specific subcategory, and does not require the relevant regulatory examination at second level to be completed in relation to the post-transitional requirements.
PART VII: MISCELLANEOUS
Short title and commencement
7. This Determination is called the Determination of Qualifying Criteria and Qualifications for Financial Services Providers, Number 1 of 2008, and comes into operation on date of publication thereof in the Gazette.
32 NO.31514 GOVERNMENT GAZETTE, 15 OCTOBER 2008
1
Annexures to the Determination of Qualifying Criteria and Qualifications for Financial Services Providers, 2008
ANNEXURE 1: QUALIFYING CRITERIA
Section 1:
Section 2:
Section 3:
Section 4: Section 5:
Section 6:
Section 7:
Section 8:
Section 9:
Section 10:
Section 11:
Section 12:
Section 13:
Section 14:
ANNEXURE 2:
Annexure 2: Annexure 2: Annexure 2:
RE 1 : First Level Regulatory Examination: Applicants And/Or Key Individuals In Category I, II, IIA and III ................................................... 2 RE 2: First Level Regulatory Examination: Applicants And/Or Key Individuals In Category II and/or IIA .................................................... 14 RE 3: First Level Regulatory Examination: Applicants And/Or Key I ndividuals I n Category II I .................................................................... 1 8 RE 4: First Level Regulatory Examination: Representatives ................ 22 RE 5: Second Level Regulatory Examination: Long Term Insurance Category A ......................................................................... 26 RE 6: Second Level Regulatory Examination: Short And Long Term Deposits ..................................................................................... 28 RE 7: Second Level Regulatory Examination: Long Term Insurance Category B, Long Term Insurance Category C And Retail Pension Funds .......................................................................... 32 RE 8: Second Level Regulatory Examination: Participatory Interests In Collective Investment Schemes ........................................ 45 RE 9: Second Level Regulatory Examination: Securities And Instruments ......................................................................................... 51 RE 10: Second Level Regulatory Examination: Short Term I nsurance: Personal Lines ................................................................... 79 RE 11: Second Level Regulatory Examination: Short Term Insurance: Commercial Lines .............................................................. 83 RE 12: Second Level Regulatory Examination: Health Care Benefits ............................................................................................... 88 RE 13: Second Level Regulatory Examination: Pension Benefit Funds ................................................................................................ 103 RE 14: Second Level Regulatory Examination: Long Term Insurance Category A:FAB ................................................................ 107
QUALIFICATIONS LIST
Section 1 : Qualifications list for Category I FSPs ............................... 110 Section 2: Qualifications list for Category II and IIA FSPs ................. 118 Section 3: Qualifications list for Category" I FSPs ............................. 123
31514--,
G) o rp ~ 2 ~ (.J
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J ..
J.
(J1
-' !
2
Se
ctio
n 1
: R
E 1
; F
irst
Lev
el R
eg
ula
tory
Exa
min
atio
n:
Ap
plic
an
ts A
nd
/Or
Key
In
div
idu
als
In C
ate
go
ry I,
II,
IIA
and
III
(1 )
(2)
(3)
(4)
(5)
The
firs
t le
vel
regu
lato
ry e
xam
inat
ion
will
be
deve
lope
d ta
king
int
o ac
coun
t th
at a
pplic
ants
and
key
indi
vidu
als
are
requ
ired
to u
nder
stan
d th
e F
AIS
Act
, th
e F
IC A
ct,
and
the
sub
ordi
nate
leg
isla
tion
to t
he F
AIS
Act
that
app
lies
to t
he c
ateg
ory
or s
ubca
tego
ry t
hey
are
auth
oris
ed,
appr
oved
or
appo
inte
d fo
r;
App
lican
ts a
nd k
ey
indi
vidu
als
are
requ
ired
to c
ompl
ete
a re
gula
tory
exa
min
atio
n th
at a
ddre
sses
the
leg
al o
blig
atio
n an
d lia
bilit
ies
tha
t'
they
are
acc
ount
able
for
in t
erm
s o
f the
FA
IS A
ct;
Thi
s le
gisl
ativ
e ba
sed
exam
inat
ion
will
be
know
n as
the
firs
t le
vel r
egul
ator
y ex
amin
atio
n;
The
qua
lifyi
ng c
rite
ria
liste
d he
re w
ill b
e us
ed b
y th
e ex
amin
atio
n bo
dies
to
set
the
first
lev
el r
egul
ator
y ex
amin
atio
n, a
nd s
erve
as
the
crite
ria a
gain
st w
hich
qua
lific
atio
ns w
ill b
e ev
alua
ted
for
incl
usio
n on
the
lis
t of r
ecog
nise
d qu
alifi
catio
ns;
All
appl
ican
ts a
nd k
ey
indi
vidu
als
perf
orm
ing
finan
cial
ser
vice
s in
rel
atio
n to
cat
egor
y I,
II, I
IA a
nd I
II ar
e re
quire
d to
com
plet
e th
e fir
st le
vel
regu
lato
ry e
xam
inat
ion,
bas
ed o
n th
e fo
llow
ing
qual
ifyin
g cr
iteria
:
i····N
Q.i·
-T
ask
K
no
wle
dg
e C
rite
ria
Ski
ll C
rite
ria
1--:
--.
1.
Des
crib
e th
e ro
le o
f th
e ke
y D
escr
ibe
the
role
s an
d re
spon
sibi
litie
s of
key
in
divi
dual
in t
erm
s o
f the
FA
IS
indi
vidu
als
as d
efin
ed in
the
FA
IS A
ct.
Act
. E
xpla
in t
he r
equi
rem
ents
for
lice
nsin
g by
the
FS
B
J2
r th
e ro
le o
f the
key
indi
vidu
al.
Des
crib
e w
hat
the
key
indi
vidu
al's
man
agem
ent
Per
form
the
nec
essa
ry m
anag
emen
t and
ove
rsig
ht
resp
onsi
bilit
y en
tails
reg
ardi
ng t
he r
egul
ated
fu
nctio
ns r
egar
ding
the
ir fu
nctio
ning
with
in t
he F
SP
. fu
nctio
ns o
f the
FS
P.
. Des
crib
e w
hat t
he h
ones
ty a
nd i
nteg
rity
Che
ck w
heth
er a
pot
entia
l/cur
rent
ke
y in
divi
dual
re
quire
men
ts a
re fo
r a
key
indi
vidu
al.
mee
ts t
he r
equi
rem
ents
reg
ardi
ng h
ones
ty a
nd
Lnte
grity
. E
xpla
in w
hat t
he im
plic
atio
ns a
re f
or
the
key
Tak
e th
e ap
prop
riate
act
ion
whe
re a
in
div
idu
al i
f a k
ey in
divi
dual
's p
erso
nal
situ
atio
n po
tent
ial/c
urre
nt k
ey in
divi
dual
doe
s no
t me
et t
he
chan
ges
and
he/s
he is
no
long
er fi
t an
d pr
oper
. re
quire
men
ts r
egar
ding
hon
esty
and
int
egrit
y.
{Ref
ers
to h
ones
ty a
nd i
nteg
rity
requ
irem
ent.}
.
Exp
lain
wha
t the
im
plic
atio
ns a
re f
or
the
FS
P if
a
key
indi
vidu
al's
per
sona
l si
tuat
ion
chan
ges
and
he/s
he is
no
long
er fi
t an
d pr
oper
. (R
efer
s to
.
hone
sty
and
inte
grity
req
uire
men
t.)
f.. E
xpla
in t
he c
ompe
tenc
e/qu
alifi
catio
n re
quire
men
ts
Che
ck,·w
here
app
licab
le,
whe
ther
a
that
a k
ey in
divi
dual
nee
ds t
o m
eet.
pote
ntia
l/cur
rent
key
indi
vidu
al m
eets
the
co
mpe
tenc
e/qu
alifi
catio
n re
quire
men
ts.
.-
.-
(f) ~ '-I
(f)
;'\ a m
JJ » z .-l
(J1 a ~ a [J) m
JJ
I\J
o o co z o (.J
..J.
(J
1 ~ w
W
3
--
No.
T.
ik
K
no
wle
dg
e C
rite
ria
Exp
lain
the
exp
erie
nce
requ
irem
ents
tha
t the
key
~cllvidual m
ust m
eet.
Exp
lain
wha
t m
anag
emen
t res
pons
ibili
ties
shou
ld
be c
arrie
d o
ut
by
a ke
y in
divi
dual
.
f-:-
-,--
-E
xpla
in w
hen
an i
ndiv
idua
l can
com
men
ce a
ctin
g as
a k
ey
indi
vidu
al.
2.
Des
crib
e th
e ro
le o
f th
e
Des
crib
e th
e ro
les
and
resp
onsi
bilit
ies
of
repr
esen
tativ
e in
te
rms
of t
he
i re
pres
enta
tives
as
defin
ed in
the
FA
IS A
ct.
FA
IS A
ct.
I E
xpla
in th
e re
quir
emen
ts f
or
licen
sing
by
the
FS
B
, fo
r th
e ro
le o
f th
e r
epre
sent
ativ
e.
Exp
lain
whe
n an
ind
ivid
ual i
s ob
liged
to
be
reqi
ster
ed a
s a
relJ
rese
ntat
ive
in t
erm
s of
FA
IS.
Exp
lain
the
fit
and
prop
er r
equi
rem
ents
tha
t app
ly to
~epresentatives.
Dis
cuss
the
pur
pose
of t
he r
egis
ter
of
repr
esen
tativ
es.
Exp
lain
the
qua
lific
atio
n re
quire
men
ts f
or
rE:lp
rese
ntat
ives
. 3.
M
anag
e an
d ov
erse
e th
e D
escr
ibe
the
Fit
and
Pro
per
requ
irem
ents
tha
t ap
ply
appo
intm
ent
of
to r
epre
sent
ativ
es in
ter
ms
of t
he l
egis
latio
n.
repr
esen
tativ
es.
Exp
lain
wha
t re
crui
tmen
t an
d ap
poin
tmen
t pr
oced
ures
hav
e to
be
impl
emen
ted
whe
n ap
poin
ting
repr
esen
tativ
es.
4.
Man
age
the
rend
erin
g o
f E
xpla
in w
hen
repr
esen
tativ
es c
an a
ct u
nder
se
rvic
es u
nder
sup
ervi
sion
. su
perv
isio
n.
Des
crib
e th
e su
perv
isio
n re
quire
men
ts t
hat
mus
t be
in p
lace
whe
n re
pres
enta
tives
act
und
er
supe
rvis
ion.
Ski
ll C
rite
ria
Che
ck,
whe
re a
pplic
able
, w
heth
er a
pot
entia
l key
in
divi
dual
mee
ts th
e ex
perie
nce
requ
irem
ents
. O
vers
ee th
e im
plem
enta
tion
of p
roce
sses
and
co
ntro
ls t
o en
sure
the
suf
ficie
nt m
anag
emen
t an
d ov
ersi
ght
of th
e fin
anci
al s
ervi
ces
rend
ered
.
Ver
ify th
at th
e F
SP
mai
ntai
ns a
reg
iste
r of
re
pres
enta
tives
in a
ccor
danc
e to
the
FA
IS
requ
lI t:
:11
1t:
:'IL
::>
.
leri
fy th
at t
he n
eces
sary
HR
pro
cess
es a
re
deve
lope
d/am
ende
d to
ena
ble
the
FS
P t
o ch
eck,
at
recr
uitm
ent
stag
e, w
heth
er a
pot
entia
l re
pres
enta
tive
mee
ts a
t le
ast t
he e
ntry
leve
l F
it an
d P
roee
r re
guire
men
ts.
Con
firm
tha
t the
re a
re e
noug
h ro
le-p
laye
rs (
key
indi
vidu
als/
rep
rese
ntat
ives
) th
at m
eet t
he c
rite
ria
and
can
act a
s su
eerv
isor
s.
Ens
ure
that
the
supe
rvis
ors
unde
rsta
nd t
he
ir r
oles
an
d ha
ve th
e ca
paci
ty to
car
ry th
is o
ut.
Ver
ify th
at th
ere
are
leve
ls o
f sup
ervi
sion
in p
lace
to
I
~ z !=' w
......
01
...... ..,. G) ~ m
JJ z s: m
z -i
G) ~ ~ m
01 o § ro m
JJ
l\) 8 (XI
4
No
Ta
sk
Kn
ow
led
ge
Cri
teri
a
Exp
lain
the
dis
clos
ure
requ
irem
ents
tha
t re
pres
enta
tives
are
res
pons
ible
for
. 5.
,
Man
age
and
over
see
the
Des
crib
e th
e im
plic
atio
ns o
f Sec
tion
8 an
d S
ectio
n I
ongo
ing
de
velo
pm
en
t!
13 o
f th
e A
ct,
and
wha
t th
is m
eans
in t
erm
s of
em
ploy
men
t of
trai
ning
and
dev
elop
men
t of
rep
rese
ntat
ives
. re
pres
enta
tives
.
Des
crib
e th
e im
plic
atio
ns if
a r
epre
sent
ativ
e do
es
not m
ee
t all
the
requ
irem
ents
in t
erm
s of
Fit
and
Pro
per
by th
e re
leva
nt d
ate.
6.
Deb
ar r
epre
sent
ativ
es t
ha
t D
iscu
ss t
he p
urpo
se o
f de
barm
ent.
have
bee
n fo
und
to a
ct
frau
dule
ntly
, or
com
mitt
ed
I an
y ot
her
act
that
giv
es r
ise
J Des
crib
e w
hen
the
deba
rmen
t of
a r
epre
sent
ativ
e ,
to d
ebar
men
t. sh
ould
tak
e pl
ace.
Ski
ll C
rite
ria
over
see
the
repr
esen
tativ
es.
Per
iorm
the
nec
essa
ry m
anag
emen
t and
ove
rsig
ht
func
tions
reg
ardi
ng t
he r
epre
sent
ativ
es t
ha
t are
ov
erse
en b
y yo
u.
Che
ck t
hat
disc
losu
res
are
adeq
uate
to
enab
le
clie
nt's
abi
lity
to m
ake
an i
nfor
med
dec
isio
n.
Ver
ify th
at t
he p
roce
sses
are
doc
umen
ted
to e
nsur
e th
at r
ecor
ds a
re k
ept
of t
rain
ing
prog
ram
mes
at
tend
ed,
incl
udin
g co
ntin
ued
educ
atio
nal t
rain
ing
for
your
key
indi
vidu
als
and
repr
esen
tativ
es.
Impl
emen
t and
mai
ntai
n a
docu
men
ted
proc
ess
to
ensu
re t
ha
t all
repr
esen
tativ
es a
re t
rain
ed,
com
pete
nt a
nd w
ill p
rovi
de f
inan
cial
ser
vice
s on
be
half
of th
e F
SP
effi
cien
tly,
hone
stly
and
fai
rlv.
Che
ck t
hat
ther
e ar
e tr
aini
ng p
roce
sses
in p
lace
to
prov
ide
repr
esen
tativ
es w
ith i
nfor
mat
ion
and
skill
s re
gard
ing:
· P
roce
sses
· S
yste
ms
· P
rodu
cts
• S
ervi
ces
· C
ompl
ianc
e re
quire
men
ts
· R
egul
ator
y re
quire
men
ts
whe
n re
nder
ing
finan
cial
ser
vice
s.
Che
ck t
ha
t the
nec
essa
ry H
R p
roce
sses
are
de
velo
ped/
amen
ded
to e
nabl
e th
e F
SP
to
chec
k at
,
regu
lar
inte
rval
s, w
heth
er a
rep
rese
ntat
ive
is
mak
ing
the
requ
ired
prog
ress
reg
ardi
ng r
each
ing
all
the
Fit
and
Pro
per
requ
irem
ents
as
it ap
plie
s to
hi
s/he
r a~
~oin
tmen
t co
nditi
ons.
C
heck
tha
t th
e em
ploy
men
t! m
anda
tory
agr
eem
ent
with
rep
rese
ntat
ives
inc
lude
the
reas
ons
for
poss
ibLe
deb
arm
ent.
Con
firm
th
at a
ll ro
le p
laye
rs in
the
FS
P a
re i
nfor
med
ab
out:
(J) ~ 4 (J)
i'\ o m
JJ » z .:-I ......
(Jj o ~ o III m
JJ
N 8 ()j z o (.i)
(Jj ......
-l'- w
CJ1
5
No.
T
ask
K
no
wle
dg
e C
rite
ria
-
Dis
cuss
how
the
deba
rmen
t o
f a r
epre
sent
ativ
e sh
ould
tak
e pl
ace.
Exp
lain
the
act
ions
a r
epre
sent
ativ
e m
ay
take
tha
t I
_wou
ld g
ive
rise
to d
ebar
men
t pro
ced
ure
s.
Des
crib
e th
e ra
mifi
catio
ns f
or a
FS
P i
f it
deba
rs a
re
pres
enta
tive
unfa
irly.
E
xpla
in t
he p
roce
sses
tha
t sh
ould
be
follo
wed
be
fore
a r
epre
sent
ativ
e is
deb
arre
d.
Exp
lain
the
pro
cess
and
tim
efra
me
to n
otify
the
Reg
istr
ar t
hat
a re
pres
enta
tive
has
been
deb
arre
d.
7.
Aw
aren
ess
of t
he r
egul
ator
y p
esc
rib
e t
he A
ct a
nd r
eqU
irem
ents
the
reof
. en
viro
nmen
t in
whi
ch t
he F
SP
E
xpla
in in
gen
eral
whi
ch d
epar
tmen
t and
/or
cont
act
func
tions
. pe
rson
{s)
at t
he R
egul
ator
's o
ffice
sho
uld
be
co
ntac
ted
with
reg
ards
to
the
mai
nten
ance
of
a F
SP
lic
ense
. E
xpla
in w
hat
form
at o
f com
mun
icat
ion
with
the
~;;Iator Is
req
uire
d.
Exp
lain
wha
t pr
oces
ses
are
requ
ired
to r
emai
n up
date
d w
ith r
egar
ds t
o ot
her
legi
slat
ion,
am
endm
ents
, up
date
s an
d re
quire
men
ts p
ublis
hed
that
will
affe
ct th
e F
SP
. D
escr
ibe
the
impl
icat
ion
for
a F
SP
if th
e R
egis
trar
pu
blis
hes
a no
tice
rega
rdin
g an
"un
desi
rabl
e bu
sine
ss p
ract
ice"
.
Ski
ll C
rite
ria
· T
he r
easo
ns w
hy
deba
rmen
t wou
ld b
e co
nsid
ered
, •
The
pro
cess
tha
t w
ould
be
follo
wed
in s
uch
inst
ance
s,
• A
ny r
ecou
rse
a re
pres
enta
tive
ma
y ha
ve.
Ver
ify th
at th
e F
SP
's H
Ra
nd
dis
cipl
inar
y co
de h
as
been
am
ende
d to
pro
vide
for
deba
rmen
t pr
oced
ures
.
Ver
ify th
at th
ere
are
inte
rnal
pro
cess
es a
nd
proc
edur
es th
at a
re f
ollo
wed
whe
n a
repr
esen
tativ
e is
deb
arre
d.
Ver
ify th
at th
ere
are
inte
rnal
pro
cess
es a
nd
proc
edur
es th
at a
re f
ollo
wed
to
info
rm t
he R
egis
trar
w
hen
a re
pres
enta
tive
is d
ebar
red.
C
heck
th
att
he
com
plia
nce
offic
er p
erfo
rms
mon
itorin
g pr
oced
ures
on
all c
ases
whe
re
repr
esen
tativ
es a
re d
ebar
red.
Inte
ract
with
the
reg
ulat
or w
hen
and
whe
re
requ
ired.
--
-
Che
ck th
at th
ere
are
pro
cess
es in
pla
ce to
che
ck
whe
ther
the
Reg
istr
ar h
as p
ublis
hed
notic
es
rega
rdin
g "u
ndes
irab
le b
usin
ess
prac
tices
".
I
w
CJl z o w
01 .... ../>
. Gl o <
m
:0 z s: m
z -i
Gl ~ 9 m
U1 o () d OJ
m
:0
I\) o o (X)
6
--
No.
T
ask
K
no
wle
dg
e C
rite
ria
,----
----
8.
Aw
aren
ess
of th
e sp
ecifi
c I
Exp
lain
the
obl
igat
ions
and
req
uire
men
ts w
hen
oblig
atio
ns in
ter
ms
of t
he
clie
nt fu
nds
or p
rem
ium
s ar
e re
ceiv
ed.
rele
vant
Cod
e of
Con
duct
and
ot
her
subo
rdin
ate
legi
slat
ion.
D
escr
ibe
the
requ
irem
ents
reg
ardi
ng t
he
deve
lopm
ent,
am
endm
ents
, ap
prov
al a
nd u
se o
f ~_ecimen m
anda
tes.
D
escr
ibe
the
oblig
atio
ns a
nd r
equi
rem
ents
re
gard
ing
the
use
of n
omin
ee c
ompa
nies
.
Exp
lain
the
impo
rtan
ce o
f di
sclo
sure
s.
Dis
cuss
how
to e
nsur
e tr
ansp
aren
cy a
nd m
anag
e co
nflic
t of
inte
rest
s.
Dis
tingu
ish
betw
een
actio
ns r
egar
ded
as a
dvic
e an
d in
term
edia
ry s
ervi
ces
in t
erm
s of
the
Act
. ~scribe
the
conc
ept
of e
thic
al c
ondu
ct in
the
fin
anci
al s
ervi
ces
envi
ronm
ent.
Dis
cuss
the
impa
ct a
nd r
equi
rem
ents
reg
ardi
ng t
he
disc
losu
re r
ules
on
the
FS
P.
Dis
cuss
the
eff
ect
of d
iscl
osur
e re
quire
men
ts o
n I c
omm
issi
on is
exp
lain
ed w
ith r
efer
ence
to
line
of
I bu
sine
ss a
nd s
peci
fic p
rodu
ct/p
olle
y.
I D
escr
ibe
the
dis
clos
ure
requ
irem
ents
reg
ardi
ng t
he
I F
SP
, pr
oduc
t su
pplie
rs,
prod
uct
supp
liers
act
ing
as
I F
SP
s an
d fin
anci
al s
ervi
ces.
I E
Xp
lain
the
man
ner
in w
hich
com
plai
nts
are
to b
e ha
ndle
d b
y th
e in
dust
ry w
ith r
efer
ence
to
the
FA
IS
Gen
eral
Cod
e of
Con
duct
. E
xpla
in t
he s
teps
th
at
mus
t be
take
n b
y a
FS
PI
Ski
ll C
rite
ria
Ver
ify th
at t
here
are
pro
cess
es in
pla
ce t
o e
nsur
e th
at t
he b
usin
ess
is i
nfor
med
abo
ut "
unde
sira
ble
busi
ness
pra
ctic
es"
and
that
they
cea
se a
ny s
uch
actio
ns.
Con
firm
tha
t th
ere
is a
sep
arat
e ba
nk a
ccou
nt w
ith
a re
gist
ered
ban
k in
to w
hich
clie
nt m
onie
s ar
e de
posi
ted.
V
erify
that
all
spec
imen
man
date
s ar
e ap
prov
ed b
y th
e F
SB
bef
ore
it is
util
ised
.
Che
ck t
hat
any
nom
inee
com
pani
es u
sed
have
be
en a
ppro
ved
by th
e F
SB
in t
erm
s of
the
nom
inee
po
licy.
vo
ntl
rmth
att
he
rep
orts
in t
erm
s of
the
lin
ee
com~an:t a
re ~ro
vide
d tim
eous
l:t to
the
FS
B.
Che
ck t
hat
disc
losu
res
are
adeq
uate
to
enab
le
clie
nt's
abilit~ to
mak
e an
inf
orm
ed d
ecis
ion.
App
ly th
e re
quire
men
ts o
f the
Gen
eral
Cod
e o
f C
ondu
ct.
App
ly d
iscl
osur
e re
quire
men
ts in
ter
ms
of fi
nanc
ial
prod
ucts
.
Ver
ify th
at c
ompl
aint
s pr
oced
ures
and
pro
cess
es
are
in p
lace
.
i I U
l ~ ~ Ul
;;<; o m
JJ » z .-i
()l o ~ o OJ
m
JJ
N o o (l) z o (;)
()l .....
-i'>
c..J '"
;
7
No.
T
ask
K
no
wle
dg
e C
rite
ria
--~
repr
esen
tativ
es w
hen
prov
idin
q ad
vice
. E
xpla
in t
he p
rovi
sion
s o
f the
Gen
eral
Cod
e re
latin
g to
: •
cust
ody,
•
com
plai
nts,
· ris
k m
anag
emen
t,
· in
sura
nce,
•
adve
rtis
ing
and
• te
rmin
atio
n.
9.
Ove
rsee
and
man
age
the
E
xpla
in t
he r
equi
rem
ents
for
app
rova
l of
a
com
plia
nce
func
tions
as
Com
plia
nce
Off
icer
by
the
Reg
istr
ar.
requ
ired
by th
e F
AIS
Act
. I
Des
crib
e th
e ro
le a
nd f
unct
ion
of a
Com
plia
nce
I O
ffice
r.
Exp
lain
wh
y it
is i
mpo
rtan
t for
the
Com
plia
nce
Offi
cer
to b
e/ac
t in
depe
nden
t fro
m t
he m
anag
emen
t of
the
FS
P.
Exp
lain
wh
y it
is i
mpo
rtan
t for
the
Com
plia
nce
Off
icer
to b
e ab
le t
o av
oid
conf
licts
of
inte
rest
re
qard
inq
the
exec
utio
n of
the
ir du
ties.
E
xpla
in w
hat
inte
rnal
aud
it an
d co
ntro
l fun
ctio
ns a
re
requ
ired
to e
nabl
e th
e C
O t
o fu
nctio
n in
a m
anne
r en
surin
g th
at
no a
ctua
l or
pot
entia
l co
nflic
ts o
f in
tere
sts
aris
e as
reg
ards
the
dut
ies
and
func
tions
of
oth
er e
mpl
oyee
s.
Dem
onst
rate
und
erst
andi
ng o
f the
con
tent
of t
he
com
plia
nce
repo
rt in
ord
er to
be
able
to s
ign
it of
f.
I---
~-
~~-----'-~--
~-~
L-~~
Ski
ll C
rite
ria
Che
ck t
hat
the
CO
is a
ppro
ved
by th
e R
egis
trar
.
Rep
lace
the
int
ende
d C
O i
f he/
she
does
not
hav
e th
e re
quire
d ap
prov
al o
f the
Reg
istr
ar.
Con
firm
tha
t th
e co
mpl
ianc
e pr
actic
e ha
s su
ffic
ient
re
sour
ces
to p
rovi
de a
pro
per
com
plia
nce
serv
ice,
w
here
an
outs
ourc
ed c
ompl
ianc
e pr
actic
e is
use
d.
Con
firm
tha
t th
e C
O I
com
plia
nce
prac
tice
can
func
tion
obje
ctiv
ely
and
suffi
cien
tly in
depe
nden
t of
the
FS
P.
Ver
ify th
at a
ny in
tern
al c
ompl
ianc
e fu
nctio
n is
st
affe
d an
d eq
uipp
ed t
o pr
ovid
e a
prop
er
Eom
l2lia
nce
serv
ice.
M
anag
e po
tent
ial
conf
lict o
f in
tere
st w
here
m
anag
emen
t is
also
res
pons
ible
for
the
com
plia
nce
func
tion,
i.e
. a
sole
Ero
Erie
tor.
Im
plem
ent i
nter
nal a
udit
and
cont
rol f
unct
ions
to
enab
le t
he C
O t
o fu
nctio
n in
a m
anne
r en
surin
g th
at
no a
ctua
l or
pote
ntia
l con
flict
s of
inte
rest
s ar
ise
as
rega
rds
the
dutie
s an
d fu
nctio
ns o
f ot
her
empl
oyee
s.
Ve
rify
that
the
FS
P h
as p
roce
dure
s in
pla
ce t
o m
onito
r th
e co
mpl
ianc
e o
f sup
ervi
sors
with
the
re
quire
men
ts a
s se
t out
in t
he r
elev
ant
Det
erm
inat
ion.
C
heck
-tha
t the
com
plia
nce
offic
er 1
Jt::
!IIU
[ II
:;
I i I
c.l
CXI z o w .... 01
..... ... G) ~ m
::D
z 5: m
z -l
G) KJ ~ m
01 o ~ OJ m
::D
J\) o o CXI
8
Ta
sk
Kn
ow
led
ge
Cri
teri
a
Exp
lain
wh
at t
he c
ompl
ianc
e fu
nctio
n re
quire
men
ts
are
with
in t
he F
SP
.
'--.
ntai
n th
e lic
ense
of t
he
Exp
lain
the
im
pa
ct o
f lic
ensi
ng c
ondi
tions
on
an
) in
clud
ing
the
£S
P.
lag
em
en
t o
f the
lic
ensi
ng
Exp
lain
wha
t th
e im
plic
atio
n is
for
a F
SP
if a
key
di
tions
. in
divi
dual
lea
ves
the
empl
oy o
f the
FS
P.
i E
xpla
in w
hat
levi
es a
re p
ayab
le to
the
Reg
istr
ar
I and
whe
n sh
ould
thi
s be
pai
d.
I. I D
escr
ibe
wha
t ci
vil
rem
edie
s an
d pe
nalti
es t
he
lli(7
Qis
tra
r m
ay im
pose
und
er F
AIS
. I D
escr
ibe
wha
t ac
tions
will
lea
d to
the
Reg
istr
ar
i im
posi
ng c
ivil
rem
edie
s an
d pe
nalti
es u
nder
FA
IS.
I Exp
lain
wha
t ch
ange
s m
ust b
e re
port
ed.
Exp
lain
wha
t lic
ensi
ng c
ondi
tions
reg
ardi
ng
prod
ucts
and
ser
vice
s m
ust
be m
et.
-Des
crib
e th
e im
plic
atio
ns f
or t
he F
SP
if
the
licen
sing
con
ditio
ns r
egar
ding
pro
duct
s an
d se
rvic
es a
re n
ot m
et.
Ski
ll C
rite
ria
mon
itorin
g pr
oced
ures
on
rend
erin
g of
ser
vice
s un
der
supe
rvis
ion.
E
stab
lish
the
com
plia
nce
func
tion
with
in t
he F
SP
.
Con
firm
th
at w
here
the
com
plia
nce
offic
er f
ound
an
y in
stan
ces
of n
on-c
ompl
ianc
e th
at t
his
is
addr
esse
d an
d re
ctifi
ed.
Con
firm
tha
t the
CO
per
form
s m
onito
ring
proc
edur
es o
n re
nder
ing
of fi
nanc
ial
serv
ices
with
in
the
limita
tions
on
cate
gorie
s an
d su
bcat
egor
ies
for
whi
ch t
he l
icen
se is
iss
ued.
M
anag
e th
e lic
ensi
ng c
ondi
tions
.
Con
firm
tha
t all
role
-pla
yers
are
inf
orm
ed a
nd a
ble
to e
xecu
te t
heir
dutie
s.
Ver
ify th
at th
ere
are
proc
esse
s in
pla
ce t
o pa
y th
e le
vies
, an
d th
at th
is i
s do
ne w
ithin
the
cor
rect
tim
efra
mes
.
Con
firm
tha
t th
e R
egis
trar
is i
nfor
med
with
in 1
5 da
ys o
f any
cha
nges
to
the
FS
P l
icen
sing
det
ails
. C
onfir
m t
hat t
he F
SP
has
pro
cedu
res
in p
lace
to
ensu
re t
hat
it ca
n co
mpl
y w
ith c
ondi
tion
1 of
the
licen
sing
con
ditio
ns t
ha
t re
quire
s th
e F
SP
to
upda
te
its b
usin
ess
info
rmat
ion
as p
rovi
ded
duri
ng
appl
icat
ions
with
in 1
5 da
ys o
f an
y ch
an
ge
oc
curr
ing.
V
erH
y th
at if
the
FS
P c
hang
es t
he n
am
e o
f the
fin
anci
al s
ervi
ces
busi
ness
(as
ref
lect
ed o
n th
e lic
ense
con
cern
ed)
tha
t F
SP
obt
ains
prio
r ap
prov
al
from
the
Reg
istr
ar in
com
plia
nce
with
con
ditio
n 4
of
the
_ l
sing
con
ditio
ns.
(JJ ~ :...j
(JJ 6 m
JJ » z ;-l
-'
U1 o 8 UJ
m
JJ
1\)
o o CX
l z o (,..)
-'
U1
-' +>
t.l CD
9
----
No
. T
as
k
Kn
ow
led
ge
Cri
teri
a
Des
crib
e th
e im
plic
atio
ns f
or a
FS
P i
f the
Reg
istr
ar
publ
ishe
s a
notic
e re
gard
ing
an u
ndes
irabl
e bu
sine
ss p
ract
ice.
Exp
lain
wha
t the
impl
icat
ions
are
for
a k
ey
indi
vidu
al a
nd/o
r F
SP
if
an a
ccre
dita
tion
is
susp
ende
d or
with
draw
n o
r la
psed
in t
erm
s of
the
M
edic
al S
chem
es A
ct,
1998
, o
r an
y ot
her
enab
ling
legi
slat
ion
such
as
the
Ban
ks o
r In
sura
nce
legi
slat
ion.
D
iscu
ss th
e re
quire
men
ts a
roun
d th
e di
spla
y of
lic
ence
s.
Des
crib
e th
e co
nditi
ons
unde
r w
hich
sus
pens
ions
, w
ithdr
awal
s an
d re
inst
atem
ents
of a
utho
risat
ion
ma
y be
im
pose
d.
Pro
vide
an
over
view
of t
he d
iffer
ent t
ypes
of
finan
cial
ser
vice
s an
d fin
anci
al p
rodu
cts
a F
SP
can
de
al w
ith.
Exp
lain
the
diff
eren
t fin
anci
al p
rodu
cts
with
ex
ampl
es o
f pr
oduc
ts in
eac
h ca
tego
ry.
Exp
lain
the
rel
atio
nshi
p be
twee
n di
ffere
nt in
dust
ry
play
ers.
D
escr
ibe
the
inte
rrel
atio
nshi
ps b
etw
een
FS
P's
in
term
s of
co-
resp
onsi
bilit
y.
11 .
Tak
e th
e n
ece
ssa
ry a
ctio
n if
I D
iscu
ss t
he e
ffect
of v
olun
tary
seq
uest
ratio
n,
the
FS
P v
olun
tari
ly la
pses
its
win
ding
-up
or
clos
ure
of a
bus
ines
s on
its
lic
ensi
ng
licen
se.
I st
atus
. (S
ectio
n 38
) E
xpla
in t
he r
easo
ns w
hy a
lice
nse
can
be
susp
ende
d or
with
draw
n.
Dis
cuss
wha
t re
cour
se t
he F
SP
has
in s
uch
a ca
se
whe
re a
lice
nse
was
sus
pend
ed /
with
draw
n.
. (S
ectio
ns 9
and
10)
D
iscu
ss t
he r
easo
ns w
hy
a F
SP
wou
ld l
apse
a
'---
licen
se.
. 'l5
esc
rib
e h
ow la
psin
g a
licen
se d
iffer
s fr
om
Ski
ll C
rite
ria
Ver
ify th
at th
e F
SP
has
inte
rnal
con
trol
s an
d pr
oced
ures
in p
lace
to
ensu
re t
hat
finan
cial
ser
vice
s ar
e re
nder
ed w
ithin
the
lim
itatio
ns o
n ca
tego
ries
an
d su
bcat
egor
ies
for
whi
ch t
he I
icen
se is
iss
ued.
---
---
~
----
---
---
+> o z ~ w
Ul +> G'J o <
m
JJ z s: m
z -1
G'J ~ 9 .rn Ul o ~ OJ
m
JJ
N o o CXl
10
No.
T
ask
K
no
wle
dg
e C
rite
ria
Ski
ll C
rite
ria
~---
:-_
__
__
__
_ -iI
Ls==
uspe
nsio
n or
with
draw
als.
(S
ectio
n 11
) 12
. I V
erify
that
the
prop
er r
ecor
d I
Exp
lain
the
rec
ord
keep
ing
oblig
atio
ns a
s im
pose
d ke
epin
g ac
tiviti
es a
re c
arrie
d I b
y th
e F
AIS
Act
. ou
t.
13.
Man
age
and
over
see
/ pa
rtic
ipat
e in
the
set
ting
up
and/
or m
anag
ing
of th
e in
fras
truc
ture
of t
he F
SP
.
Exp
lain
the
req
uire
men
ts r
egar
ding
rec
ords
and
the
m
aint
enan
ce t
here
of in
ter
ms
of th
e F
AIS
Act
.
Ens
ure
that
the
re a
re p
roce
sses
in p
lace
to
prov
ide
the
man
agem
ent
info
rmat
ion
that
is r
equi
red
to
com
plet
e th
e re
port
s re
quire
d by
the
legi
slat
ion.
E
nsur
e th
at th
ere
are
proc
esse
s in
pla
ce t
o su
bmit
I th
e re
port
s re
quire
d by
the
legi
slat
ion
by t
he d
ue
I ~ _
_ ~~ _
__
_ ~ _
_ ~~ _
__
_ ~~ _
__
_ ~~~d
~a~t
es.
I
~::~i~~~~eU~:~~~~~~~~t: ~
~~do~:~;hen r
ecor
d ~~
;~~~~h~r~:~~:arty o
utsou~ln: ~
~e:ents~rej
Exp
lain
in w
hat
form
at th
e re
cord
s sh
ould
be
stor
ed I V
erify
that
the
nece
ssar
y.ch
ecks
and
bal
ance
s ar
e
~~a~~~
;~~ved
in a
ccor
danc
e to
the
ind
ustr
y \ ~~~
~~~n~~
i~:~~~
~~;~~:
t~fec~
~~o~~:
=-~o=.
:i~:-:
~:::sL
' __
_ ~
Exp
lain
wha
t the
sec
urity
req
uire
men
ts f
or th
ese
reco
rds
are
in t
erm
s of
con
fiden
tialit
y an
d ac
cess
to
reco
rds.
[E
xpla
in th
e re
port
ing
oblig
atio
ns i
mpo
sed
by th
e .
Act
. U
nder
stan
d th
e re
quir
emen
ts r
egar
ding
rec
ords
and
th
e m
aint
enan
ce t
here
of in
ter
ms
of t
he A
ct a
nd
othe
r ap
plic
able
leg
isla
tive
requ
irem
ents
, in
clud
ing
FIC
Act
. E
xpla
in t
he r
equi
rem
ents
reg
ardi
ng t
he
mai
nten
ance
of
reco
rds
in S
ectio
n18
of
FA
IS.
Des
crib
e w
hat
are
the
oper
atio
nal
abili
ty
regu
irem
ents
tha
t the
FS
P m
ust m
eet.
Exp
lain
wha
t do
es t
he r
equi
rem
ent r
egar
ding
fin
anci
al s
ound
ness
impl
ies
for
the
FS
P.
Ver
ify th
at th
e re
port
ing
oblig
atio
ns a
re m
et in
ac
cord
ance
to t
he A
ct.
Ens
ure
that
ther
e ar
e pr
oces
ses
in p
lace
to s
ubm
it th
e re
port
s re
quire
d by
the
leg
isla
tion
by t
he d
ue
date
s.
Est
ablis
h a
fixed
bus
ines
s ad
dres
s.
Con
firm
tha
t the
req
uire
men
ts r
egar
ding
fin
anci
al
soun
dnes
s ar
e ad
here
d to
, an
d w
here
thi
s is
not
in
1------:------------------1
-1
..cp.:.:l
a=ce,
act
ivel
y to
war
ds a
chie
ving
it.
Exp
lain
the
req
uire
men
ts in
ter
ms
of m
onth
ly
man
Clg
emen
t ac
coun
ts.
Exp
lain
wha
t it
mea
ns i
f an
app
licat
ion
is g
rant
ed b
y I t
he R
egis
trar,
but
cond
ition
s an
d re
stric
tions
are
C
onfir
m t
hat t
here
is a
dequ
ate
acce
ss to
co
mm
unic
atio
n fa
cilit
ies
incl
udin
g at
leas
t a fu
ll-tim
e te
leph
one
or c
ellp
hone
ser
vice
, ty
ping
and
im
pose
d.
It:locum~nt d
uplic
atio
n fa
cilit
ies.
E
xpla
in w
hat
give
s ris
e to
a p
rofil
e ch
ange
and
I C
onfir
m t
hat t
here
is a
dequ
ate
stor
age
and
filin
g
Ul ~ -i
Ul 6 m
II » z .-1
.....
(J1 o 8 OJ
m
II
f\) o o OJ z o (i)
-'- m
..... ..,. ~
...L
11
N°'1
Ta
sk
Kn
ow
led
ge
Cri
teri
a
wh
en
sh
ou
ld i
t be
su
bm
itte
d.
Exp
lain
wh
at t
he
off
en
ses
are
un
de
r F
AIS
.
Exp
lain
all
pro
cess
es
an
d p
roce
du
res
requ
ired
~en h
andl
ing
com
pla
ints
. E
xpla
in t
he
re
qu
ire
me
nts
re
ga
rdin
g a
dver
tisin
g an
d d
ire
ct m
ark
etin
g in
te
rms
of t
he A
ct.
I ~ ..
. I I I
Ski
ll C
rite
ria
syst
em
s fo
r th
e s
afe
ke
ep
ing
of
reco
rds,
bu
sin
ess
co
mm
un
ica
tion
s an
d co
rre
spo
nd
en
ce.
Ve
rify
tha
t th
e F
SP
has
an
acc
ou
nt
with
a
reg
iste
red
ban
k, i
nclu
ding
, w
he
re r
eq
uir
ed
by
the
A
ct,
spe
cific
acc
ou
nt f
or
depo
sitin
g cl
ien
t m
onie
s.
Est
ablis
h an
d m
ain
tain
co
mp
lian
ce a
nd r
epor
ting
arr
an
ge
me
nts
fo
r th
e F
SP
act
iviti
es.
Ch
eck
th
at t
he
co
mp
lian
ce a
rra
ng
em
en
ts s
pe
cify
h
ow
oft
en c
om
plia
nce
with
pro
ced
ure
s ar
e m
on
itore
d a
nd r
ep
ort
ed
on.
Im
ple
me
nt
and
mai
ntai
n a
do
cum
en
ted
pro
cess
to
m
ain
tain
th
e a
de
qu
acy
of y
ou
r co
mp
lian
ce a
nd
mo
nito
rin
g a
rra
ng
em
en
ts.
Co
nfir
m t
ha
t p
roce
sse
s ar
e d
ocu
me
nte
d t
o e
nsu
re
reco
rds
are
kep
t o
f tr
aini
ng p
rog
ram
me
s at
tend
ed,
incl
ud
ing
co
ntin
ue
d e
duca
tiona
l tra
inin
g, f
or
you
r ke
y in
div
idu
als
an
d/o
r re
eres
enta
tives
. E
stab
lish
do
cum
en
ted
pro
cess
es
for
the
sup
erv
isio
n a
nd m
on
itori
ng
of
rep
rese
nta
tive
s to
e
nsu
re t
ha
t th
ey
com
ply
with
the
Act
. Im
ple
me
nt
and
mai
ntai
n a
do
cum
en
ted
pro
cess
to
en
sure
th
at
all
rep
rese
nta
tive
s ar
e tr
ain
ed
, co
mp
ete
nt
and
will
pro
vid
e f
inan
cial
se
rvic
es
on
you
r b
eh
alf
effic
ient
ly,
ho
ne
stly
and
fai
rly.
Im
ple
me
nt a
nd m
ain
tain
gua
rant
ees,
pro
fess
ion
al
ind
em
nity
or
fide
lity
insu
ran
ce c
over
in r
esp
ect
of
tbe
clie
nts
of t
he
I:!r
ovid
er o
r re
Ere
sent
ativ
es.
En
sure
th
at
wri
tten
se
rvic
e le
vel
ag
ree
me
nts
are
in
plac
e, w
he
re a
ctiv
ities
are
out
sour
ced.
C
he
ck t
ha
t th
ere
are
pro
cess
es
in p
lace
to e
nsu
re
tha
t p
rovi
de
rs s
ele
cte
d f
or
an
y o
uts
ou
rce
d f
un
ctio
ns
are
sui
tabl
e.
Co
nfir
m t
ha
t wh
ere
ou
tso
urc
ed
ent
ities
pro
vid
e
ad
vice
and
or
inte
rme
dia
ry s
ervi
ces,
th
at
the
y ar
e a
uth
ori
sed
FS
P's
.
.1>0
II) z o w .... U1 .... .1>
0 (j) o < m
::0
z ~
m
z -l
(j) ~ 9 m
U1 o ~ co m
::0
N 8 (XI
12
No.
T
ask
K
no
wle
dg
e C
rite
ria
----
-
Exp
lain
the
im
port
ance
of c
ontin
genc
y pl
anni
ng I
proc
esse
s fo
r th
e F
SP
.
---.-
14.
Man
age
and
over
see
the
Des
crib
e w
hat
is t
he a
uditi
ng a
nd a
ccou
ntin
g re
quire
men
ts t
hat
requ
irem
ents
for
an
auth
oris
ed F
SP
. au
dito
rs/a
ccou
ntin
g of
ficer
s m
ust
adhe
re t
o.
Exp
lain
the
fina
ncia
l re
cord
kee
ping
req
uire
men
ts
the
FS
P m
ust
adh
ere
to.
15.
. M
anag
e an
d ov
erse
e th
e E
xpla
in w
hat
FIC
A g
over
ns a
nd r
equi
res.
[jF
SP
'S a
dher
ence
to
the
r~uirements o
f F
ICA
and
Ski
ll C
rite
ria
Che
ck t
hat t
here
are
pro
cess
es in
pla
ce to
not
ify
the
FS
B o
f any
pro
file
chan
ges,
and
th
at t
his
is
done
with
in t
he c
orre
ct t
imef
ram
es
Ens
ure
that
the
re a
re p
roce
sses
in p
lace
to
avoi
d ac
tions
tha
t ca
n gi
ve r
ise
to c
ivil
rem
edie
s an
d/or
fin
es b
eing
im
pose
d un
der
FA
IS.
Ens
ure
that
ther
e ar
e pr
oces
ses
in p
lace
to
avoi
d ac
tions
tha
t can
be
rega
rded
as
offe
nces
und
er
FA
IS.
Whe
re a
pplic
able
, im
plem
ent
and
mai
ntai
n gu
aran
tees
, pr
ofes
sion
al i
ndem
nity
or
fidel
ity
insu
ranc
e co
ver
in r
espe
ct o
f the
clie
nts
of t
he
prov
ider
or
repr
esen
tativ
es.
Ens
ure
that
ther
e ar
e po
licie
s an
d pr
oces
ses
in
plac
e to
dea
l w
ith c
ompl
aint
s.
Ens
ure
that
ther
e ar
e pr
oces
ses
in p
lace
to c
ompl
y w
ith t
he a
dver
tisin
g an
d m
arke
ting
prov
isio
ns o
f the
ge
nera
l Cod
e o
f C
ondu
ct.
Rec
ord
a co
ntin
genc
y pl
an f
or th
e F
SP
. C
reat
e a
cont
inge
ncy
plan
for
the
FS
P w
ith r
egar
ds
to t
he K
l (L
e. s
ole
prop
rieto
r.)
Che
ck t
ha
t the
req
uire
d au
ditin
g an
d ac
coun
ting
requ
irem
ents
as
it ap
plie
s to
the
FS
P,
is in
pla
ce
and
carr
ied
out a
ccur
atel
y an
d tim
eous
ly.
Con
firm
tha
t the
aud
iting
firm
/acc
ount
ing
offic
er is
or
gani
satio
nally
inde
pend
ent f
rom
the
FS
P (
or t
he
grou
p o
f whi
ch is
it
part
of)
and
able
to m
aint
ain
an
obje
ctiv
e fr
ame
of
min
d in
acc
ompl
ishi
ng it
s re
spon
sibi
litie
s.
Con
firm
tha
t the
aud
iting
firm
I a
ccou
ntin
g of
ficer
is
suff
icie
ntly
kno
wle
dgea
ble
abou
t the
ind
ustr
y fo
r th
e en
gage
men
t. V
erify
tha
t the
re a
re w
ritte
n in
tern
al r
ules
in p
lace
as
req
uire
d b
y th
e F
inan
cial
Int
ellig
ence
Cen
tre
Act
(A
ct n
o. 3
8 o
f 200
1) a
nd t
hat a
ll st
aff
are
fam
iliar
I
(JJ ~ t1 6 m
Jl » z ---I
..J.
(]I o a OJ m
Jl
I'J
o o co z o w
(]I
..J.
... ... '"
No.
T
ask
K
no
wle
dg
e C
rite
ria
othe
r re
leva
nt a
nti-
mon
ey
laun
derin
g le
gisl
atio
n, a
s it
----~ppJies t
o th
e F
SP
. D
escr
ibe
how
the
FS
P is
im
pact
ed b
y F
ICA
.
----
--
Exp
lain
wha
t ac
tions
sho
uld
be t
aken
by
the
FS
P in
re
gard
to
FIC
A.
1---_
--
16.
Man
age
an
y pr
oces
ses
Dis
cuss
the
obl
igat
ions
of t
he F
SP
/key
indi
vidu
al in
re
quire
d in
the
eve
nt o
f an
resp
ect
of a
n in
vest
igat
ion
cond
ucte
d by
the
FS
B
inve
stig
atio
n b
y th
e F
AIS
an
d F
AIS
Om
bud.
O
mbu
d.
Exp
lain
wha
t the
rol
e an
d po
wer
s o
f the
Om
bud
are.
Ski
ll C
rite
ri:
with
thi
s.
I
Ver
ify th
at th
e F
SP
has
pro
cess
es in
pla
ce t
o en
sure
com
plia
nce
with
the
ide
ntifi
catio
n,
verif
icat
ion,
rec
ord-
keep
ing
and
repo
rtin
g ob
ligat
ions
und
er A
ct n
o. 3
8 o
f 200
1, a
nd t
hat
all
staf
f are
fam
iliar
with
thi
s.
Che
ck t
hat
ther
e ar
e pr
oces
ses
in p
lace
to
ensu
re
that
em
ploy
ees
rece
ive
trai
ning
in r
espe
ct o
f, an
d ar
e aw
are
of,
thei
r ob
ligat
ion
to r
epor
t su
spic
ious
tr
ansa
ctio
ns.
Che
ck th
at t
here
are
pro
cess
es in
pla
ce t
o en
sure
th
at th
e bu
sine
ss c
oope
rate
s in
the
cas
e of
an
inve
stig
atio
n by
the
Om
bud.
.jlo
.jlo z o w
.....
(J1 ..... .,. (i) ~ m
lJ
z s: m ~ (i
) ~ m
=1 .m
(J1 o ~ o to m
lJ
N o o co
14
Se
ctio
n 2
: R
E 2
: F
irst
Lev
e! R
eg
ula
tory
Exa
min
atio
n:
Ap
plic
an
ts A
nd
/Or
Key
In
div
idu
als
In C
ate
go
ry II
an
d/o
r II
A
appl
ican
ts a
nd k
ey i
ndiv
idua
ls p
erfo
rmin
g fin
anci
al s
ervi
ces
in r
elat
ion
to c
ateg
ory
II an
d/or
IIA
are
req
uire
d to
com
plet
e th
e fir
st le
vel
regu
lato
ry
exam
inat
ion,
bas
ed o
n th
e qu
alify
ing
crite
ria
as p
ublis
hed
in S
ectio
n 1
and
2 of
this
Det
erm
inat
ion.
No
Ta
sk
KriU
YVIl
;:U~
e C
rite
ria
S
kill
Cri
teri
a
App
ly th
e C
ate
go
ry II
and
/or
IIA
Des
crib
e th
e ch
arac
teri
stic
s o
f a
Cat
egor
y II
and/
or
Ta
ke t
he d
iffer
ence
bet
wee
n C
ateg
ory
II an
d/or
IIA
F
SP
bus
ines
s m
odel
IIA
FS
P a
nd h
ow th
at d
iffer
entia
tes
it fr
om o
ther
F
SP
S a
nd o
ther
fina
ncia
l se
rvic
es p
rovi
ders
into
fin
anci
al s
ervi
ces
prov
ider
s in
Cat
I a
nd/o
r III
. ac
coun
t whe
n m
akin
g bu
sine
ss r
elat
ed d
ecis
ions
-"--.
Dis
cuss
the
sep
arat
ion
of c
lient
ass
ets
from
P
erfo
rm t
he f
iduc
iary
du
ty o
f the
CA
T II
and
/or
IIA
cate
gory
II a
nd/o
r IIA
FS
P's
ass
ets.
F
SP
.
i Id
entif
y w
hich
ass
ets
belo
ng to
the
clie
nt a
nd
. w
hich
bel
ong
to t
he c
ateg
ory
II an
d/or
IIA
FS
P.
Inte
rpre
t ba
sic
finan
cial
sys
tem
s.
Impl
emen
t sys
tem
s an
d pr
oces
ses
to s
epar
ate
clie
nt a
nd C
AT
II a
nd/o
r IIA
FS
P a
sset
s.
Exp
lain
the
role
and
res
pons
ibili
ties
of th
e di
ffere
nt
part
ies
invo
lved
, in
clud
ing
but
not
limite
d to
: •
diffe
rent
par
ties/
lega
l en
titie
s in
volv
ed,
· no
min
ee,
· M
AN
CO
,
· in
sure
rs,
~
pens
ion
fund
s,
· 3r
d pa
rty
FS
Ps,
•
Fin
anci
al A
dvis
ors,
· br
oker
s,
· cl
ient
s D
escr
ibe
the
need
for
rel
evan
t co
ntra
ctua
l V
erify
that
the
rele
vant
con
trac
tual
agr
eem
ents
are
ag
reem
ents
to
be in
pla
ce w
ith t
he r
elev
ant
othe
r in
pla
ce w
ith t
he r
elev
ant
othe
r pa
rty.
pa
rty.
B
usin
ess
is c
ondu
cted
in a
ccor
danc
e w
ith t
he
cont
ract
ual a
gree
men
ts.
(f) ~ ~ 6 m
JJ ~ :-i
U1
'0 ~ o OJ
m
JJ
r\) g co z p (;.)
U1
-' """ ~
15
No
Ta
sk
Kn
ow
led
ge
Cri
teri
a
2 M
anag
e th
e ro
le o
f th
e
Des
crib
e th
e du
ties
the
no
min
ee
com
pa
ny
is
ind
ep
en
de
nt n
om
ine
e
resp
onsi
ble
for.
Exp
lain
the
pu
rpo
se o
f the
nom
inee
com
pany
.
~ I~
~~
~
Ma
na
ge
and
ove
rsee
clie
nt
Exp
lain
why
the
ca
teg
ory
II a
nd/o
r IIA
FS
P m
ust
m
anda
tes
use
man
date
s th
at h
ave
been
app
rove
d by
the
F
SB
. E
xpla
in w
hy
a m
anda
te c
anno
t be
use
d if
it is
not
ap
prov
ed b
y th
e F
SB
.
Exp
lain
why
a m
an
da
te c
anno
t be
use
d if
it is
not
S
igne
d by
the
clie
nt o
r hi
s d
uly
aut
hori
sed
repr
esen
tativ
e.
Exp
lain
why
suc
h a
man
date
mu
st a
dher
e to
the
re
quir
emen
ts in
the
Dis
cret
iona
ry C
ode
of
Con
duct
. E
xp
lain
wh
at t
he
req
uire
men
ts a
re f
or
man
date
s.
[4
Man
age
and
ove
rse
e ty
pica
l E
xpla
in h
ow
diff
eren
t pr
oduc
ts h
ave
diffe
rent
I da
ily tr
ansa
ctio
ns
turn
arou
nd t
imes
and
sho
uld
be a
dher
ed t
o.
Des
crib
e h
ow
ther
e sh
ould
be
adeq
uate
con
trol
s in
pl
ace
to m
an
ag
e r
isks
.
5 M
anag
e an
d o
vers
ee
E
xpla
in h
ow to
ens
ure
tran
spar
ency
and
man
age
disc
losu
res
conf
lict
of in
tere
sts.
6 i
Und
erst
and
the
lega
l E
xpla
in t
he l
iqui
dity
req
uire
men
t.
envi
ronm
ent o
f th
e C
AT
II
and/
or I
IA F
SP
E
xpla
in t
he im
plic
atio
ns o
f the
liqu
idity
re
quir
emen
ts,
-~-
~ D
escr
ibe
the
fidel
ity c
ove
r re
quir
emen
ts.
~~-~~~
Ski
ll C
rite
ria
Ver
ify th
at t
here
are
pro
cess
es in
pla
ce to
che
ck
tha
t th
e n
omin
ee c
ompa
ny e
xecu
tes
its'
resp
onsi
bilit
ies
tow
ards
th
e C
ate
go
ry II
and
/or
IIA
FS
P.
Con
firm
the
nom
inee
co
mp
an
y co
mpl
ies
with
its
du
ties.
M
anag
e cl
ient
man
date
s in
acc
orda
nce
to
man
dato
ry r
equi
rem
ents
.
Che
ck t
ha
t the
sys
tem
s an
d pr
oces
ses
enab
le th
e im
plem
enta
tion
and
exec
utio
n o
f diff
ere
nt
turn
arou
nd t
imes
fo
r di
ffer
ent p
rodu
cts.
Che
ck t
hat t
he s
yste
ms
and
proc
esse
s ha
ve
embe
dded
con
trol
s to
man
age
and
cont
ain
risk.
Con
firm
tha
t di
sclo
sure
s ar
e ad
equa
te t
o en
able
cl
ient
's a
bilit
y to
mak
e an
inf
orm
ed d
ecis
ion.
App
ly t
he li
quid
ity r
equi
rem
ents
to
own
busi
ness
.
Ap
ply
the
fidel
ity r
equi
rem
ents
to
own
busi
ness
.
.I::>
III z ~ w
(J1 .... ~ Q o <
m
:0 z s:: m
z -i
Q ~ g ..m
(J1 o ~ OJ
m
:0
I\
) 8 co
--~,-
No
Task
K
no
wle
dg
e C
rite
ria
Exp
lain
the
im
plic
atio
ns o
f th
e fid
elity
cov
er
requ
irem
ents
.
Des
crib
e th
e ap
plic
able
cap
ital
requ
irem
ent.
"EX
plai
n th
e im
plic
atio
ns o
f th
e ca
pita
l re
quire
men
ts.
Exp
lain
why
the
Cat
egor
y II
and/
or I
IA F
SP
is
not
allo
wed
to
enga
ge in
the
net
ting
oft
ran
sact
ion
s.
Exp
lain
why
a C
ateg
ory
II an
d!or
IIA
FS
P m
ust
ensu
re t
hat
it o
nly
con
duct
s bu
sine
ss w
ith a
noth
er
FS
P t
hat
has
the
appr
opri
ate
cate
gorie
s/
subc
ateg
orie
s on
its
lice
nse,
and
tha
t bu
sine
ss
mus
t al
so b
e co
nduc
ted
with
in t
he p
aram
eter
s of
th
e cl
ient
man
date
. D
escr
ibe
wha
t th
e co
ntin
ual
com
plla
nce
with
the
lic
ense
req
uire
men
ts a
nd c
ondi
tions
are
.
~
App
ly t
he r
ecor
d ke
epin
g E
xpla
in t
he p
erio
d fo
r w
hich
rec
ords
mus
t be
kept
. re
quir
emen
ts
Des
crib
e th
e re
quir
emen
ts s
peci
fical
ly a
pplic
able
to
tel
epho
ne a
nd!o
r el
ectr
onic
req
uire
men
ts.
8 C
ompl
y w
ith r
equi
rem
ents
E
xpla
in w
hy c
lient
s m
ust
rece
ive
writ
ten
repo
rts
at
whe
n re
port
ing
to c
Hen
ts
quar
terl
y in
terv
als,
tha
t pr
ovid
e th
em w
ith
inve
stm
ent
and
rela
ted
info
rmat
ion
.
9 In
stitu
te a
per
sona
l ac
coun
t . D
escr
ibe
why
a D
iscr
etio
nary
FS
P s
houl
d ha
ve a
\ Tra
ding
pol
icy
. pe
rson
al a
ccou
nt p
olic
y an
d w
hy
this
is i
mpo
rtan
t.
I I
Sk
ill C
rite
ria
App
ly th
e ap
plic
able
cap
ital
requ
irem
ents
to
own
busi
ness
.
Ver
ify th
at t
here
are
sys
tem
s in
pla
ce to
che
ck t
hat
netti
ng o
f tra
nsac
tions
will
not
tak
e pl
ace.
Ver
ify th
at it
onl
y co
nduc
ts b
usin
ess
with
ano
ther
F
SP
tha
t ha
s th
e ap
prop
riate
cat
egor
ies!
su
bcat
egor
ies
on it
s lic
ense
, an
d th
at b
usin
ess
mus
t als
o be
con
duct
ed w
ithin
the
par
amet
ers
of
the
clie
nt m
anda
te,
to e
nsur
e th
at a
ll bu
sine
ss is
le
gitim
ate.
C
heck
tha
t th
ere
are
syst
ems
in p
lace
to
chec
k th
at n
ew p
rodu
cts
or p
ropo
sed
busi
ness
ven
ture
s w
ill m
eet
the
limita
tions
of
the
Ilcen
se r
equi
rem
ents
an
d co
nditi
ons
are.
Inco
rpor
ate
the
reco
rd k
eepi
ng r
equi
rem
ents
whe
n pl
anni
ng s
yste
m u
pdat
es a
nd s
trat
egic
initi
ativ
es.
Ver
ify th
at s
yste
ms
are
in p
lace
to m
an
ag
e th
e re
cord
kee
ping
ris
ks o
f el
ectr
onic
and
tel
epho
nic
tran
sact
ions
.
Ver
ify th
at th
ere
are
syst
ems
and
proc
esse
s th
at
enab
le t
he p
repa
ratio
n an
d de
liver
y of
acc
urat
e qu
arte
rly
repo
rts.
Che
ck t
hat
ther
e is
a p
erso
nal
acco
unt t
radi
ng
polic
y an
d th
at th
ere
are
cont
rols
to
chec
k th
at t
his
is a
dher
ed t
o.
!
(fJ ~ '-l
(fJ 6 m
JJ » z .-1
U1 o ~ CD
m
JJ
I\) o 1il z o w
.... U1
-l>
.j)o
"-.I
No
10
-- 11
Ta
sk
Ap
ply
pro
hib
itio
ns
in t
erm
s o
f th
e D
iscr
etio
na
ry C
od
e o
f C
on
du
ct
Dea
l with
No
min
ee
Re
gu
latio
ns
17
Kn
ow
led
ge
Cri
teri
a
Exp
lain
the
pro
hibi
tions
in t
erm
s o
f the
D
iscr
etio
na
ry C
od
e o
f Con
duct
.
Des
crib
e th
e re
quir
emen
ts o
f the
No
min
ee
R
egul
atio
ns,
and
wh
at
the
FS
P a
nd t
he n
omin
ees
mu
st a
dher
e to
. _ ... _
.. _---
Ski
ll C
rite
ria
i
Ch
eck
th
at t
here
are
pro
cess
es a
nd c
ontr
ols
in
I
plac
e to
ens
ure
tha
t the
FS
P a
dh
ere
s to
th
e
proh
ibiti
ons
in t
erm
s o
f the
Dis
cre
tion
ary
Cod
e o
f C
ondu
ct.
Ch
eck
th
at t
here
are
pro
cess
es a
nd c
ontr
ols
in
plac
e to
ens
ure
tha
t the
FS
P a
dher
es t
o th
e re
quir
emen
ts in
te
rms
of t
he N
om
ine
e R
egul
atio
ns.
.I:>
co z ~
(;)
-'
U1
-' ~ Q o <
m
JJ z s: m
z -i
Q ~ m
:j m
U1 o ~ OJ
m
JJ
£\.) o o co
18
Se
ctio
n 3
: R
E 3
: F
irst
Le
vel
Re
gu
lato
ry E
xam
ina
tio
ri:
Ap
plic
an
ts A
nd
/Or
Key
In
div
idu
als
In C
ate
go
ry II
I
All
appl
ican
ts a
nd
key
indi
vidu
als
perf
orm
ing
finan
cial
se
rvic
es
in
rela
tion
to
cate
gory
III
are
requ
ired
to c
ompl
ete
the
first
lev
el
regu
lato
ry
exam
inat
ion,
bas
ed o
n th
e qu
alify
ing
crite
ria
as p
ublis
hed
in S
ectio
n 1
and
3 of
this
Det
erm
inat
ion.
No
~
Ta
sk
Kn
ow
led
ge
Cri
teri
a
Ski
ll C
rite
ria
~-I A
pply
the
Cat
egor
y III
FS
P
Des
crib
e th
e ch
arac
teris
tics
of a
cat
egor
y III
FS
P
Tak
e th
e di
ffere
nce
betw
een
Cat
egor
y III
FS
PS
i
busi
ness
mod
el
and
how
that
diff
eren
tiate
s it
from
oth
er p
rodu
ct
and
othe
r pr
oduc
t pr
ovid
ers
into
acc
ount
whe
n pr
ovid
ers
such
as
insu
rers
and
uni
t tru
sts.
m
akin
g bu
sine
ss r
elat
ed d
ecis
ions
. - D
escr
ibe
the
reas
on f
or s
epar
atio
n of
clie
nt a
sset
s P
erfo
rm t
he f
iduc
iary
dut
y of
the
cate
gory
III
FS
P.
from
Cat
egor
y III
FS
P's
ass
ets.
-id
entif
y w
hich
ass
ets
belo
ng t
o th
e cl
ient
and
w
hich
bel
ong
to t
he c
ateg
ory
III F
SP
.
Inte
rpre
t bas
ic fi
nanc
ial
syst
ems.
Che
ck t
hat t
here
are
sys
tem
s an
d pr
oces
ses
to
sepa
rate
clie
nt a
nd C
ateg
ory
III F
SP
ass
ets.
c-----
Exp
lain
the
rol
e an
d re
spon
sibi
litie
s of
the
diffe
rent
pa
rtie
s in
volv
ed,
incl
udin
g bu
t not
lim
ited
to:
· di
ffere
nt p
artie
s/ le
gal e
ntiti
es in
volv
ed,
• no
min
ee,
· M
AN
CO
,
· in
sure
rs,
· pe
nsio
n fu
nds,
•
3rd
part
y F
SP
s,
• F
inan
cial
Adv
isor
s,
• br
oker
s,
· cl
ient
s -----
Ver
ify th
at th
ere
are
syst
ems
and
proc
esse
s to
E
xpla
in t
he c
once
pt o
f bu
lkin
g an
d po
olin
g of
as
sets
into
a s
ingl
e ac
coun
t with
inve
stm
ent
allo
w fo
r th
e bu
lkin
g of
clie
nt a
sset
s w
ithou
t
prov
ider
. po
olin
g or
uni
tisat
ion.
(fJ ~ ~ (fJ
/\
o m
:D
:t>
Z
--I
(J1 o ~ co m
:D
f\
) 8 OJ z o w
(J
1 ..
.L
-l'>
+lo
to
19
No
Ta
sk
Kn
ow
led
ge
Cri
teri
a
----
Exp
lain
the
rele
vant
con
trac
tual
agr
eem
ents
nee
d to
be
in p
lace
with
the
rel
evan
t ot
her
part
y.
~
Und
erst
and
the
role
of
the
Exp
lain
the
dut
ies
the
nom
inee
com
pany
is
inde
pend
ent n
omin
ee
resp
onsi
ble
for.
Exp
lain
the
pur
pose
of t
he n
omin
ee c
ompa
ny
3 M
anag
e an
d ov
erse
e cl
ient
_
Exp
lain
why
the
cat
egor
y III
FS
P m
ust u
se
man
date
s m
anda
tes
that
hav
e be
en a
ppro
ved
by
the
FS
B.
-- Exp
lain
why
a m
anda
te c
anno
t be
use
d if
it is
not
ap
prov
ed b
y th
e F
SB
.
Exp
lain
wh
y a
man
date
can
not
be u
sed
if it
is n
ot
sign
ed b
y th
e cl
ient
or
his
duly
aut
horis
ed
repr
esen
tativ
e.
-- E
xpla
in w
hy s
uch
a m
anda
te m
ust
adh
ere
to t
he
requ
irem
ents
in t
he D
iscr
etio
nary
Cod
e of
C
ondu
ct.
Exp
lain
wh
at t
he r
equi
rem
ents
are
for
man
date
s.
----
4 M
anag
e/ov
erse
e ty
pica
l da
ily
Exp
lain
how
diff
eren
t pro
duct
s ha
ve d
iffer
ent
tran
sact
ions
tu
rnar
ound
tim
es a
nd s
houl
d be
adh
ered
to.
Des
crib
e h
ow
ther
e sh
ould
be
adeq
uate
con
trol
s in
pl
ace
to m
anag
e ris
ks.
Exp
lain
how
Cat
egor
y III
FS
PS
are
onl
y al
low
ed t
o
take
in o
ne d
ay's
inte
rest
.
Ski
ll C
rite
ria
Con
firm
tha
t the
rel
evan
t co
ntra
ctua
l agr
eem
ents
ar
e in
pla
ce w
ith t
he r
elev
ant
othe
r pa
rty
and
busi
ness
is c
ondu
cted
in a
ccor
danc
e w
ith t
he
cont
ract
ual
agre
emen
ts.
Ver
ify th
at th
ere
are
proc
esse
s in
pla
ce to
che
ck
that
the
nom
inee
com
pany
exe
cute
s its
' re
spon
sibi
litie
s to
war
ds t
he C
ateg
ory
III F
SP
-re
port
ing
inde
pend
ence
. C
hecx
k th
e no
min
ee c
ompa
ny c
ompl
ies
with
its
dutie
s.
Man
age
clie
nt m
anda
tes
in a
ccor
danc
e to
m
anda
tory
req
uire
men
ts.
--
---
--
Che
ck th
at th
e sy
stem
s an
d pr
oces
ses
enab
le t
he
impl
emen
tatio
n an
d ex
ecut
ion
of d
iffer
ent
turn
arou
nd t
imes
for
diff
eren
t pro
duct
s.
Che
ck th
at t
he s
yste
ms
and
proc
esse
s ha
ve
embe
dded
con
trol
s to
man
age
and
cont
ain
risk.
Che
ck th
at th
e pr
oces
ses
and
syst
ems
only
take
on
e da
y's
inte
rest
. ---
----
---
J
(J1 o z o c..l ~
-l>
G) o <
m
JJ z s:: m
z -I
G) f!:j m
~ m
()1 o ~ CD
m
JJ
I\
) 8 00
20
·NO
l T
ask
K
no
wle
dg
e C
rite
ria
5 .
Man
age
and
over
see
Exp
lain
how
to
ensu
re t
rans
pare
ncy
and
man
age
disc
losu
res
conf
lict o
f in
tere
sts.
6 U
nder
stan
d th
e le
gal
I Exp
lain
the
liq
uidi
ty r
equi
rem
ent.
envi
ronm
ent o
f th
e C
ateg
ory
III
FS
P.
-, Exp
lain
the
im
plic
atio
ns o
f the
liq
uidi
ty
requ
irem
ents
, D
escr
ibe
the
fidel
ity c
over
req
uire
men
ts.
Exp
lain
the
im
plic
atio
ns o
f the
fid
elity
cov
er
requ
irem
ents
.
Des
crib
e th
e ap
plic
able
cap
ita!
requ
irem
ent.
Exp
lain
the
im
plic
atio
ns o
f the
cap
ital
requ
irem
ents
.
~plain w
hy
the
Cat
egor
y III
FS
P is
not
allo
wed
to
enga
ge in
the
net
ting
of tr
ansa
ctio
ns.
rXP
lain
how
a C
ateg
ory
III F
SP
mus
t en
sure
th
at
it on
ly c
ondu
cts
busi
ness
with
ano
ther
FS
P t
ha
t ha
s th
e ap
prop
riat
e ca
tego
ries
/ su
bcat
egor
ies
on it
s lic
ense
, an
d th
at
busi
ness
mus
t al
so b
e co
nduc
ted
with
in t
he p
aram
eter
s of
the
clie
nt m
anda
te
Des
crib
e w
hat
the
cont
inua
l co
mpl
ianc
e w
ith t
he
licen
se r
equi
rem
ents
and
con
ditio
ns a
re.
- 7 A
pply
the
rec
ord
keep
ing
Exp
lain
the
per
iod
for
whi
ch r
ecor
ds m
ust b
e ke
pt.
requ
irem
ents
.
Des
crib
e th
e re
quir
emen
ts s
peci
fical
ly a
pplic
able
to
tele
phon
e an
d/or
ele
ctro
nic
requ
irem
ents
. .-
Ski
ll C
rite
ria
Con
firm
tha
t dis
clos
ures
are
ade
quat
e to
ena
ble
clie
nt's
abi
lity
to m
ake
an
info
rmed
dec
isio
n.
I App
ly th
e liq
uidi
ty r
equi
rem
ents
to
own
busi
ness
.
App
ly th
e fid
elity
req
uire
men
ts t
o ow
n bu
sine
ss.
App
ly th
e ap
plic
able
cap
ital
requ
irem
ents
to
own
\
busi
ness
.
Ver
ify t
hat t
here
are
sys
tem
s in
pla
ce t
o ch
eck
that
ne
tting
of t
rans
actio
ns w
ill n
ot t
ake
plac
e.
Con
firm
tha
t it
only
con
duct
s bu
sine
ss w
ith a
noth
er I
F
SP
tha
t ha
s th
e ap
prop
riate
cat
egor
ies/
.
subc
ateg
orie
s on
its
lice
nse,
and
th
at
busi
ness
m
ust
also
be
cond
ucte
d w
ithin
the
par
amet
ers
of
the
clie
nt m
anda
te,
to e
nsur
e th
at a
ll bu
sine
ss is
le
gitim
ate.
C
heck
tha
t th
ere
are
syst
ems
in p
lace
to
chec
k th
at n
ew p
rodu
cts
or p
ropo
sed
busi
ness
ven
ture
s w
ill m
ee
t the
lim
itatio
ns o
f th
e li
cens
e re
quir
emen
ts
and
cond
ition
s ar
e.
Inco
rpor
ate
the
reco
rd k
eepi
ng r
equi
rem
ents
whe
n pl
anni
ng s
yste
m u
pdat
es a
nd s
trat
egic
initi
ativ
es.
. Ver
ify th
at s
yste
ms
are
in p
lace
to m
anag
e th
e re
cord
kee
ping
ris
ks o
f el
ectr
onic
and
tel
epho
nic
tran
sact
ions
.
I
(j) ~ -I
(j) A o m
:D
::t>
Z
.-1
Q1 o ~ o 1JJ m
JJ
I'J g z o W
Q1 .. Q1 ....
21
No
T
as
k
Kn
ow
led
ge
Cri
teri
a ------
8 C
ompl
y w
ith r
equi
rem
ents
E
xpla
in w
hy
clie
nts
mus
t rec
eive
writ
ten
repo
rts
at
whe
n re
port
ing
to c
lient
s qu
arte
rly
inte
rval
s. t
hat
prov
ide
them
with
in
vest
men
t and
rel
ated
inf
orm
atio
n.
9 A
pply
kno
wle
dge
of t
he
Exp
lain
how
the
acco
untin
g an
d un
it ac
coun
ting
and
unit
reco
ncili
atio
ns w
ork.
re
conc
il lat
ions
1C
) A
pply
kno
wle
dge
of h
ow
Exp
lain
how
inte
rmed
iarie
s m
ust b
e lic
ense
d in
term
edia
ries
mu
st b
e lic
ense
d be
fore
th
ey
can
do b
usin
ess.
be
fore
th
ey
can
do b
usin
ess.
11
Dea
l w
ith r
ebat
es
Exp
lain
how
reb
ates
wor
k.
~pla.rn
all
the
rela
ted
disc
losu
res
as i
t app
lies
to
I
-----
---
Ver
ify th
at tt
-en
able
the
p qu
arte
rly
rer
-----
Ski
ll C
rite
ria
ere
are
syst
ems
and
proc
esse
s th
at
repa
ratio
n an
d de
liver
y o
f acc
urat
e iQ
rts.
----
-
---
(,II
I\) z 9 w
-"
01
-"
-!>
(j) ~ m
:n z s: m
z -l ~ S m
01 o ()
-l o OJ m
:n f\) o o 00
22
Sec
tion
4:
RE
4:
Fir
st L
evel
Re
gu
lato
ry E
xam
inat
ion:
Rep
rese
ntat
ives
(1)
All
repr
esen
tativ
es p
erfo
rmin
g fin
anci
al s
ervi
ces
in r
elat
ion
to c
ateg
ory
I, II,
IIA
and
/or
III a
re r
equi
red
to c
ompl
ete
the
first
lev
el r
egul
ator
y ex
amin
atio
n, b
ased
on
the
qual
ifyin
g cr
iteria
:
No
-r-
Ta
sk
Kn
ow
led
ge
Cri
teri
a
Ski
ll C
rite
ria
1 .
Exe
cute
the
req
uire
d ac
tions
as
Des
crib
e th
e ro
les,
res
pons
ibili
ties
and
App
ly k
now
ledg
e o
f the
rol
e o
f the
rep
rese
ntat
ive
a re
pres
enta
tive,
in
term
s of
the
. re
quir
emen
ts r
egar
ding
rep
rese
ntat
ives
as
defin
ed
in t
erm
s of
the
FA
IS A
ct.
FA
IS A
ct.
in t
he F
AIS
Act
. D
escr
ibe
the
role
and
res
pons
ibili
ties
of th
e ke
y I
indi
vidu
al a
s de
fined
in t
he F
AIS
Act
. E
xpla
in t
he r
equi
rem
ents
for
lic
ensi
ng b
y th
e F
SB
fo
r th
e ro
le o
f th
e re
pres
enta
tive.
E
xpla
in w
hen
an i
ndiv
idua
l is
obl
iged
to
be
regi
ster
ed a
s a
repr
esen
tativ
e in
ter
ms
of F
AIS
. E
xpla
in t
he f
it an
d pr
oper
req
uire
men
ts t
hat a
pply
to
the
rep
rese
ntat
ives
. D
iscu
ss t
he p
urpo
se o
f the
reg
iste
r o
f re
pres
enta
tives
. D
istin
guis
h be
twee
n ad
vice
and
int
erm
edia
ry
serv
ices
in t
erm
s of
the
Act
. E
xpla
in w
hen
repr
esen
tativ
es c
an a
ct u
nder
su
perv
isio
n.
Des
crib
e th
e im
plic
atio
ns i
f a r
epre
sent
ativ
e do
es
not m
ee
t al
l th
e re
quir
emen
ts in
ter
ms
of F
it an
d P
rope
r by
the
rel
evan
t da
te.
Exp
lain
the
rec
ord
keep
ing
requ
irem
ents
in t
erm
s K
eep
reco
rds
in t
erm
s of
the
requ
irem
ents
of
the
of S
ectio
n 18
of
the
FA
IS A
ct a
nd t
he G
ener
al
Act
and
Gen
eral
Cod
e of
Con
duct
. C
ode
of C
ondu
ct.
--- ~nt
ribu
te to
war
ds m
aint
aini
ng
Exp
lain
the
req
uire
men
ts a
FS
P m
ust
me
et t
o A
ssis
t in
mai
ntai
ning
a F
SP
lic
ense
by
exec
utin
g 2.
a
FS
P l
icen
se.
mai
ntai
n a
FS
P li
cens
e.
the
requ
ired
actio
ns a
s a
repr
esen
tativ
e, i
n te
rms
of
Act
. -
Exp
lain
wha
t pr
oces
ses
are
requ
ired
to r
emai
n up
date
d w
ith r
egar
ds t
o ot
her
legi
slat
ion,
am
endm
ents
, up
date
s an
d re
quire
men
ts p
ublis
hed
that
will
aff
ect
the
FS
P.
-
(f) ~ ~ A o m
lJ ~ .:-l
(Jl o ~ OJ
m
lJ
I\) o o co z o (.i) .....
(J
l .....
.;:.
U1
(,)
23
~
Tas
k -------
Kn
ow
led
ge
Cri
teri
a
Exp
lain
wh
at
is m
ea
nt b
y "u
ndes
irabl
e pr
actic
es".
, D
escr
ibe
the
impl
icat
ion
for
a F
SP
if t
he R
egis
trar
pu
blis
hes
a no
tice
rega
rdin
g an
"un
desi
rabl
e bu
sine
ss p
ract
ice"
. -~~~
Exp
lain
the
rep
arat
ion
mea
sure
s av
aila
ble
to t
he
Reg
istr
ar i
f a F
SP
con
tinue
s w
ith u
ndes
irabl
e bu
sine
ss p
ract
ices
. D
iscu
ss t
he r
equi
rem
ents
of t
he A
ct a
roun
d th
e ~ay o
f lic
ence
s.
. E
xpla
in t
he r
easo
ns w
hy a
lice
nse
can
be
susp
ende
d or
with
draw
n.
Exp
lain
wh
at
reco
urse
a F
SP
has
in a
cas
e w
here
its
lic
ense
has
bee
n su
spen
ded
or w
ithdr
awn.
D
iscu
ss t
he r
easo
ns w
hy a
FS
P w
ould
lap
se a
lic
ense
. ---C
--"
Des
crib
e h
ow
laps
ing
a lic
ense
diff
ers
from
su
spen
sion
or
with
draw
als.
D
escr
ibe
the
cond
ition
s un
der
whi
ch a
lice
nse
can
be r
eins
tate
d.
Des
crib
e th
e co
nditi
ons
unde
r w
hich
i
rein
stat
emen
ts o
f au
thor
isat
ion
ma
y be
im
pose
d.
Des
crib
e th
e r
ole
and
pow
ers
of th
e O
mbu
d.
~ A
dher
e to
the
spe
cific
E
xpla
in t
he o
blig
atio
ns a
nd r
equi
rem
ents
whe
n ob
ligat
ions
in t
erm
s o
f the
cl
ient
fund
s o
r pr
emiu
ms
are
rece
ived
. re
leva
nt C
od
e o
f C
ondu
ct a
nd
Exp
lain
the
im
port
ance
of
disc
losu
res.
ot
her
subo
rdin
ate
legi
slat
ion.
D
iscu
ss t
he i
mpa
ct a
nd r
equi
rem
ents
reg
ardi
ng
the
disc
losu
re r
ules
on
the
FS
P.
Dis
cuss
the
eff
ect o
f di
sclo
sure
req
uire
men
ts o
n co
mm
issi
on is
exp
lain
ed w
ith r
efer
ence
to
line
of
busi
ness
and
spe
cific
pro
duct
/pol
icy.
D
escr
ibe
the
disc
losu
re r
equi
rem
ents
reg
ardi
ng
the
FS
P,
prod
uct s
uppl
iers
, pr
oduc
t sup
plie
rs
actin
q as
FS
Ps
and
finan
cial
ser
vice
s.
L~~ ..
. -----
Ski
ll C
rite
ria
Che
ck t
hat
exec
utiv
es o
f du
ties
and
actio
ns d
o no
t co
nstit
ute
unde
sira
ble
busi
ness
pra
ctic
es.
-------
Com
ply
with
any
req
uire
men
ts t
he O
mbu
d m
ay
ha
"e in
the
eve
r:lt o
f an
inv
estig
atio
n.
Adh
ere
to t
he r
equi
rem
ents
of t
he C
od
e w
hen
depo
sitin
g cl
ient
's m
onie
s.
Use
dis
clos
ures
that
are
ade
quat
e to
ena
ble
clie
nt's
abi
lity
to m
ake
an i
nfor
med
dec
isio
n.
App
ly th
e re
quire
men
ts o
f the
Gen
eral
Cod
e of
C
ondu
ct.
. A
pply
dis
Clo
sure
re
qu
ire
me
nts
inte
rms
of fi
nanc
ial
prod
ucts
.
CJ1 Ja z !=' w
.....
01
.....
.j:> G) o <
m
Jl z s:: m
z -I
G) ~ 1 rn 01 o § III m
Jl
I\l o o co
24
-N
o T
ask
K
no
wle
dg
e C
rite
ria
--
Dis
cuss
ho
w to
ens
ure
tran
spar
ency
and
man
age
conf
lict o
f in
tere
sts.
D
istin
guis
h be
twee
n ac
tions
reg
arde
d as
adv
ice
and
inte
rmed
iary
ser
vice
s in
ter
ms
of th
e A
ct.
Des
crib
e th
e co
ncep
t of e
thic
al c
ondu
ct in
the
fin
anci
al s
ervi
ces
envi
ronm
ent.
Dis
cuss
you
r ro
le i
n te
rms
of e
thic
al c
ondu
ct in
the
~ncial s
ervi
ces
envi
ronm
ent.
I E
xpla
in t
he m
anne
r in
whi
ch c
ompl
aint
s ar
e to
be
i ha
ndle
d by
the
indu
stry
with
ref
eren
ce t
o th
e F
AIS
G
ener
al C
ode
of C
ondu
ct.
Exp
lain
the
ste
ps t
hat
mus
t be
tal
-<en
by
a F
SP
I re
pres
enta
tives
whe
n pr
ovid
ing
advi
ce.
!--E
xpla
in t
he p
rovi
sion
s o
f th
e G
ener
al C
ode
rela
ting
to: ·
cust
ody,
· co
mpl
aint
s,
· ris
k m
anag
emen
t, •
insu
ranc
e,
• ad
vert
isin
g an
d •
term
inat
ion.
i-
----
--A
pply
kno
wle
dge
of f
inan
cial
P
rovi
de a
n ov
ervi
ew o
f th
e di
ffere
nt t
ypes
of
4.
prod
ucts
. fin
anci
al s
ervi
ces
and
finan
cial
pro
duct
s a
FS
P c
an
deal
with
. E
xpla
in t
he r
elat
ions
hip
betw
een
diff
eren
t ind
ustr
y
I---
play
ers.
5.
A
war
enes
s of
con
sequ
ence
s D
iscu
ss t
he p
urpo
se o
f de
barm
ent.
for
repr
esen
tativ
es t
ha
t ha
ve
been
fou
nd t
o ac
t fra
udul
ently
, or
com
mitt
ed a
ny o
ther
act
tha
t D
escr
ibe
the
reas
ons
wh
y de
barm
ent
wou
ld b
e gi
ves
rise
to d
ebar
men
t.
cons
ider
ed.
Dis
cuss
the
proc
ess
tha
t w
ould
be
follo
wed
in
such
ins
tanc
es.
---
Ski
ll C
rite
ri,
Beh
ave
ethi
cally
whe
n pr
ovid
ing
finan
cial
ser
vice
s w
ithin
the
fin
anci
al s
ervi
ces
envi
ronm
ent.
Pro
vide
an
exam
ple
of
ethi
cal v
s. u
neth
ical
co
nduc
t in
the
fin
anci
al s
ervi
ces
envi
ronm
ent.
Fol
low
the
com
plai
nts
proc
edur
es a
nd p
roce
sses
th
at a
re in
pla
ce.
App
ly k
now
ledg
e of
the
finan
cial
pro
duct
s an
d ro
le
play
ers
with
in t
he f
inan
cial
ser
vice
s en
viro
nmen
t.
Che
ck th
at th
e em
ploy
men
t! m
anda
tory
agr
eem
ent
with
rep
rese
ntat
ives
inc
lude
the
reas
ons
for
poss
ible
deb
arm
ent.
OJ ~ :..
.j OJ 6 m
lJ » z .-1
()1
o ~ Cll m
lJ
I\) o o co z o w
()1
.... .,. ClI
ClI
25
..
No
Ta
sk
Kn
ow
led
ge
Cri
teri
a
i E
xpla
in w
hat
reco
urse
a r
epre
sent
ativ
e m
ay h
ave.
Exp
lain
the
pro
cess
and
tim
efra
me
in w
hich
the
FS
P s
houl
d no
tify
the
Reg
istr
ar t
hat
a re
pres
enta
tive
has
been
deb
arre
d.
6.
Alig
n ex
ecut
ion
of d
utie
s an
d D
escr
ibe
the
role
and
fun
ctio
n of
a C
ompl
ianc
e ac
tions
with
the
com
plia
nce
Offi
cer.
re
quire
men
ts.
7.
Car
ry o
ut t
he p
rope
r re
cord
E
xpla
in t
he r
ecor
d ke
epin
g ob
ligat
ions
as
impo
sed
keep
ing
activ
ities
. by
the
FA
IS A
ct.
Exp
lain
the
req
uire
men
ts r
egar
ding
the
m
aint
enan
ce o
f re
cord
s in
ter
ms
of t
he F
AIS
Act
. E
xpla
in t
he r
equi
rem
ents
reg
ardi
ng r
ecor
ds a
nd
the
mai
nten
ance
the
reof
in t
erm
s of
oth
er
appl
icab
le le
gisl
ativ
e re
quire
men
ts,
incl
udin
g F
ICA
. I--
cc, ..
i
Des
crib
e th
e re
quire
men
ts i
mpo
sed
whe
n re
cord
ke
epin
g is
out
sour
ced
to a
third
par
ty.
Exp
lain
in w
hat f
orm
at
the
reco
rds
shou
ld b
e st
ored
and
ret
rieve
d in
acc
orda
nce
to t
he in
dust
ry
stan
dard
. ~ .. -....
Exp
lain
wha
t the
sec
urity
req
Uire
men
ts f
or t
hese
re
cord
s ar
e in
ter
ms
of c
onfid
entia
lity
and
acce
ss
to r
ecor
ds.
a A
dher
e to
the
req
uire
men
ts o
f E
xpla
in w
hat
FIC
A g
over
ns a
nd r
equi
res.
F
ICA
and
oth
er r
elev
ant
anti-
Des
crib
e h
ow
the
FS
P is
impa
cted
by
FIC
A.
mon
ey la
unde
ring
legi
slat
ion,
as
it
appl
ies
to t
he F
SP
.
Ski
ll C
rite
ria
Con
firm
tha
t w
here
the
com
plia
nce
offic
er fo
und
any
inst
ance
s of
non
-com
plia
nce
that
this
is
addr
esse
d an
d re
ctifi
ed.
Fol
low
the
proc
esse
s in
pla
ce t
o pr
ovid
e th
e m
anag
emen
t inf
orm
atio
n th
at is
req
uire
d to
co
mpl
ete
the
repo
rts
in t
erm
s of
legi
slat
ion.
Exe
cute
the
thi
rd p
arty
out
sour
cing
ag
ree
me
nt
corr
ectly
whe
re a
eelic
able
. C
arry
out
the
reco
rd k
eepi
ng f
unct
iona
lity
corr
ectly
, in
clud
ing
retr
ieva
l of
rec
ords
.
-----
Com
ply
with
the
ide
ntifi
catio
n, v
erifi
catio
n, r
ecor
d-ke
epin
g an
d re
port
ing
oblig
atio
ns u
nder
Act
no.
38
of 2
001
CJ1
Q) z o w
.....
01 .... ... Q o <
m
JJ z ~ m
z -I
Q ~ 9 m
.....
01 o ~ OJ m
JJ
N o o OJ
26
Sec
tion
5:
RE
5:
Sec
ond
Leve
l Re
gu
lato
ry E
xam
inat
ion:
Lon
g T
erm
Ins
uran
ce C
ateg
ory
A a
nd C
ateg
ory
IV
(1)
Ap
plic
an
ts a
nd K
ey
Ind
ivid
ua
ls i
n re
latio
n to
Ca
teg
ory
I,
sub
cate
go
rie
s 1:
1 Lo
ng-t
erm
In
sura
nce
cate
go
ry A
and
ca
teg
ory
IV
are
als
o re
quir
ed t
o co
mp
lete
the
se
con
d le
vel r
eg
ula
tory
exa
min
atio
n, L
ong-
term
Ins
uran
ce c
ate
go
ry A
and
Ca
teg
ory
A
ll re
pre
sen
tativ
es
pe
rfo
rmin
g f
inan
cial
ser
vice
s in
rel
atio
n to
ca
teg
ory
I, s
ub
cate
go
ry 1
.1 L
ong
Te
rm In
sura
nce
Ca
teg
ory
A a
re r
equi
red
to
com
ple
te a
fir
st l
evel
re
gu
lato
ry e
xam
inat
ion,
ba
sed
on
the
qua
lifyi
ng c
rite
ria
as i
t ap
pear
s in
Sec
tion
4 an
d a
seco
nd l
evel
reg
ulat
ory
exam
inat
ion
ba
sed
on
the
qual
ifyin
g cr
iteri
a in
Se
ctio
n 5
; (3
) E
xam
ina
tion
b
od
ies
ha
ve t
he
dis
cre
tion
ary
pow
ers
to o
ffer
a c
om
bin
atio
n
exam
inat
ion
for
repr
esen
tativ
es
wor
king
w
ith
Long
T
erm
In
sura
nce
Ca
teg
ory
A,
wh
ere
su
ch r
epre
sent
ativ
es m
ay
cho
ose
to
com
plet
e on
e ex
amin
atio
n th
at a
dd
ress
es
the
qu
alif
yin
g c
rite
ria
as i
t ap
pear
s in
Se
ctio
ns
4 an
d 5;
(4
) T
he
qu
alif
yin
g c
rite
ria
in S
ectio
n 4
and
Sec
tion
5 se
rve
as
the
crite
ria
agai
nst
whi
ch q
ua
lific
atio
ns
will
be
eval
uate
d fo
r in
clus
ion
on t
he l
ist
of
reco
gnis
ed q
ualif
icat
ions
.
No
Ta
sk
1.
Iin
for
Long
1 a
clie
nt
in t
erm
s of
a
2.
term
Ca
teg
ory
A p
rodu
ct.
Edu
claim
-
3.te
a
clie
nt
ab
ou
t th
e
proc
edur
es.
Kn
ow
led
ge
Cri
teri
a
Exp
lain
wh
at
fun
era
l in
sura
nce
co
ver
is a
nd w
ha
t it
cove
rs.
Exp
lain
the
exc
lusi
ons,
rul
es a
nd r
egul
atio
ns o
f th
e pr
oduc
t.
I D
esc
rib
e t
he w
aitin
g pe
riod
s an
d w
hen
it ap
plie
s.
Exp
lain
the
lim
its r
elat
ing
to w
ho
is c
over
ed in
te
rms
of t
he
legi
slat
ive
age.
D
esc
rib
e th
e pr
edef
ined
po
licy
pa
ram
ete
rs in
te
rms
of
cove
r, i
nclu
ding
bu
t n
ot l
imite
d to
:
· fa
mily
de
pe
nd
an
ts,
• ch
ildre
n,
· sp
ouse
s.
Exp
lain
th
e d
iffe
ren
t typ
es o
f gro
ups
and
lega
l/ co
ntra
ctua
l re
qu
ire
me
nts
/lim
itatio
ns.
E
xpla
in t
he le
ga
l/ co
ntra
ctua
l ob
ligat
ion
rega
rdin
g p
rem
ium
s an
d w
hen
cove
r fa
lls a
way
. D
esc
rib
e t
he
co
nta
ct d
etai
ls a
nd c
laim
s pr
oced
ures
.
I f---.-
Ski
ll C
rite
ria
Info
rm t
he c
lient
wh
at
will
be
cove
red
by
the
long
-te
rm c
ateg
ory
A p
rodu
ct.
Exp
lain
th
e e
xclu
sion
s to
the
clie
nt in
the
eve
nt o
f ce
rtai
n pr
e-de
fined
cov
ers.
Info
rm t
he c
lient
of t
he a
pplic
able
wa
itin
g p
erio
ds.
Cla
rify
the
lim
its o
f th
e co
ver
prov
ided
by
the
po
licy
to t
he
clie
nt.
. In
form
the
clie
nt w
ho c
an b
e co
vere
d u
nd
er
the
polic
y.
Ed
uca
te a
gro
up w
ha
t th
ey
can
do r
egar
ding
the
fu
nera
l co
ver
& p
olic
ies
with
the
ir m
em
be
rs.
Info
rm t
he c
lient
of t
he
co
nse
qu
en
ces
if m
on
thly
pr
emiu
ms
are
not
paid
. S
ho
w th
e cl
ient
ho
w th
e cl
aim
s p
roce
ss w
ork
s an
d w
ha
t d
ocu
me
nts
are
req
uire
d.
Info
rm t
he c
lien
t who
to
cont
act,
and
ho
w q
uic
kly
the
y sh
ould
do
this
aft
er
the
dea
th o
f th
e in
sure
d pe
rson
.
I
(f) ~ ~ (f) A o m
:0 » z ,;-
I
(J1 o a OJ
m
:0
I\
) a a OJ z o w
-'
(J1
-'
.j>.
01
-..j
27
I No
Tas
k K
no
wle
dg
e C
rite
ria
,3,
I A
dher
e to
re
cord
ke
epin
g E
xpla
in w
hy c
opie
s o
f pol
icie
s th
at h
ave
been
sol
d I
. requ
irem
ents
as
it
appl
ies
to
shou
ld b
e ke
12t.
I fu
nera
l in
sura
nce
polic
ies.
E
xpla
in w
hy
a su
mm
ary
of th
e po
licy
docu
men
t sh
ould
be
prov
ided
to
the
clie
nt.
14 :
Adh
ere
to t
he G
ener
al C
ode
of
i E
xpla
in t
he d
iscl
osur
e re
quire
men
ts in
ter
ms
of th
e C
ondu
ct d
iscl
osur
e I
Gen
eral
Cod
e of
Con
duct
. I
requ
irem
ents
. I
15 .
'I
App
ly k
now
ledg
e in
the
wor
k !
Des
crib
e th
e ro
le o
f the
und
erw
riter
and
whe
n th
e co
ntex
t o
f the
rel
atio
nshi
p po
licy
wou
ld b
e va
lid (
legi
timat
e).
betw
een
the
FS
P,
the
unde
rwrit
er,
adm
inis
trat
or a
nd
Exp
lain
wha
t the
und
erw
rite
r do
es r
egar
ding
ris
k to
th
e cl
ient
. th
e bu
sine
ss a
nd t
he c
lient
.
--
6.
App
ly k
now
ledg
e of
the
role
of
. E
xpla
in t
he p
roce
ss in
the
eve
nt o
f a
clie
nt
the
Om
bud
I O
mb
ud
sma
n
com
plai
ning
. re
gard
ing
com
plai
nts.
E
xpla
in t
he r
ole
of t
he F
AIS
Om
bud
and
the
Life
O
mbu
dsm
an a
nd w
hat
they
do
whe
n th
ere
is a
co
mpl
aint
.
Ski
ll C
rite
ria
Ver
ify th
at th
e ad
min
istr
ator
s ar
e ke
epin
g co
pies
of
the
fune
ral
insu
ranc
e po
licie
s so
ldl i
ssue
d.
Pro
vide
the
clie
nt w
ith a
sum
mar
y o
f the
pol
icy
I do
cum
ent.
. A
pply
the
dis
clos
ure
requ
irem
ents
w
hen
selli
ng a
I
fune
ral
insu
ranc
e po
licy
to a
clie
nt.
I
Edu
cate
the
clie
nt in
ter
ms
of fa
ctor
s he
lshe
sho
uld
be a
war
e of
.
Edu
cate
the
clie
nt in
ter
ms
of r
isks
tha
t sh
ould
be
avoi
ded.
Edu
cate
the
clie
nt in
ter
ms
of t
he r
ole
of th
e O
mbu
d I
/ O
mbu
dsm
an r
egar
ding
com
plai
nts.
.
U1
Q) z ~ w
<.n
.....
-I> Gl ~ m
lJ
z S;
m
z -l
Gl f:j 9 J11
<.n o § CD
m
lJ
I\) o o Q)
28
Se
ctio
n 6
: R
E 6
: S
eco
nd
Le
vel
Re
gu
lato
ry E
xam
ina
tion
: S
ho
rt A
nd
Lo
ng
Ter
m D
ep
osi
ts
(1 )
(2)
(3)
No.
-
All
repr
esen
tativ
es p
erfo
rmin
g fin
anci
al s
ervi
ces
in r
elat
ion
to c
ateg
ory
I, su
bcat
egor
ies
Sho
rt a
nd L
ong
Ter
m D
epos
its a
re r
equi
red
to
com
plet
e a
first
lev
el r
egul
ator
y ex
amin
atio
n, b
ased
on
the
qual
ifyin
g cr
iteria
as
it ap
pear
s in
Sec
tion
4 an
d a
seco
nd l
evel
reg
ulat
ory
exam
inat
ion
base
d on
the
qua
lifyi
ng c
riter
ia in
Sec
tion
6;
Exa
min
atio
n bo
dies
ha
ve t
he d
iscr
etio
nary
pow
ers
to
offe
r a
com
bina
tion
exam
inat
ion
for
repr
esen
tativ
es
wor
king
w
ith
Cat
egor
y I,
subc
ateg
orie
s S
hort
and
Lon
g T
erm
Dep
osits
, w
here
suc
h re
pres
enta
tives
may
cho
ose
to c
ompl
ete
one
exam
inat
ion
that
add
ress
es t
he
qual
ifyin
g cr
iteria
as
it ap
pear
s in
Sec
tions
4 a
nd 6
; T
he q
ualif
ying
crit
eria
in S
ectio
n 4
and
Sec
tion
6 se
rve
as t
he c
riter
ia a
gain
st w
hich
qua
lific
atio
ns w
ill b
e ev
alua
ted
for
incl
usio
n on
the
lis
t o
f rec
ogni
sed
qual
ifica
tions
.
TA
SK
K
NO
WL
ED
GE
CR
ITE
RIA
S
KIL
L C
RIT
ER
IA
1 .
! Per
form
a n
eeds
ana
lysi
s.
I
Des
crib
e th
e m
echa
nism
(fe
atur
es a
nd b
enef
its)
of:
Dev
elop
an
unde
rsta
ndin
g o
f the
clie
nt's
fin
anci
al
· pr
oduc
ts,
situ
atio
n an
d ne
eds.
· in
tere
st r
ates
, •
pric
ing,
Id
entif
y th
e co
mpl
exity
of t
he c
lient
fin
anci
al s
tatu
s an
d ne
ed t
o in
vest
. "
perio
d.
Dis
cuss
the
var
ious
fin
anci
al s
olut
ions
ava
ilabl
e to
Id
entif
y th
e cl
ient
's p
rodu
ct a
nd i
nves
tmen
t ne
eds,
a
clie
nt in
clud
ing
but
not l
imite
d to
: w
ants
, pr
efer
ence
s an
d ob
ject
ives
.
" liq
uidi
ty,
. le
ngth
of d
epos
it,
Pro
pose
an
appr
opria
te f
inan
cial
sol
utio
n.
. in
tere
st in
com
e re
quire
men
ts
2.
Cal
cula
te i
nter
est
on a
dep
osit.
E
xpla
in h
ow in
tere
st is
cal
cula
ted
on d
epos
its.
Per
form
tim
e va
lue
calc
ulat
ions
in t
erm
s of
a
finan
cial
dep
osit.
Exp
lain
the
diff
eren
ce b
etw
een
nom
inal
and
In
form
the
clie
nt o
n ac
tual
and
/or
pote
ntia
l in
tere
st
effe
ctiv
e in
tere
st r
ates
. ea
rnin
gs o
n a
depo
sit.
Dis
cuss
the
diff
eren
ce b
etw
een
nom
inal
and
In
form
the
clie
nt o
n th
e re
turn
on
inve
stm
ent o
n a
effe
ctiv
e in
tere
st r
ates
. sp
ecifi
c de
posi
t pro
duct
. ----
Com
mun
icat
e pr
icin
g, f
ees
and
Dis
cuss
the
diff
eren
ce b
etw
een
pric
ing,
fee
s an
d E
duca
te t
he c
lient
reg
ardi
ng t
he p
ricin
g, f
ees
and
3.
com
mis
sion
s to
clie
nts.
co
mm
issi
ons.
co
mm
issi
ons
paya
ble
for
the
vario
us d
epos
it pr
oduc
ts.
Exp
lain
the
rel
evan
t priC
ing
rele
vant
to e
ach
\ pr
oduc
t cat
egor
y.
, --
--
(j) ~ '-l
(j) A o m
:0
;t> z _-1
.....
(J1 o ~ co m
:0
!I.l o o co z o (;l .... (J1
.j:.
(J1 10
29
Noof
TA
SK
---
KN
OW
LE
DG
E C
RIT
ER
IA
Exp
lain
the
rel
evan
t fee
s re
leva
nt to
eac
h pr
oduc
t ca
tego
ry.
Exp
lain
the
rel
evan
t co
mm
issi
on r
elev
ant t
o ea
ch
-L
pr
oduc
t ca
tego
ry.
4.
Com
mun
icat
e th
e va
rious
E
xpla
in t
he d
iffer
ence
bet
wee
n a
bank
dep
osit
and
inve
stm
ent p
rodu
ct o
ptio
ns t
o de
posi
ts in
the
for
m o
f in
vest
men
ts.
the
clie
nt in
rel
atio
n to
de
posi
ts.
List
the
type
s of
gen
eric
inve
stm
ent p
rodu
cts
avai
labl
e in
rel
atio
n to
dep
osits
. D
iscu
ss t
he b
enef
its o
f us
ing
a ge
neric
inve
stm
ent
prod
uct
in r
elat
ion
to a
dep
osit
prod
uct.
Dis
cuss
und
er w
hich
circ
umst
ance
s a
gene
ric
inve
stm
ent p
rodu
ct w
ill b
e m
ore
suita
ble
for
a cl
ient
.
5.
Com
mun
icat
e th
e di
ffer
ent
Iden
tify
the
vari
ous
depo
sit
prod
uct
cate
gorie
s (e
.g.
prod
uct
cate
gori
es t
o t
he
savi
ngs,
tra
nsac
tion
& in
vest
men
ts).
cl
ient
. D
iscu
ss t
hese
var
ious
dep
osit
prod
uct
cate
gorie
s in
te
rms
of:
• fe
atur
es
• be
nefit
s
· pr
oduc
t ru
les
~
Com
ply
with
dis
clos
ure
Dis
cuss
wha
t dis
clos
ure
requ
irem
ents
sho
uld
be
requ
irem
ents
. m
et w
hen
advi
sing
a c
lient
in t
erm
s of
a d
epos
it pr
oduc
t, in
clud
ing
but
not l
imite
d to
: •
prod
uct d
iscl
osur
es,
• di
sclo
sure
s ab
out f
ees,
•
pric
ing,
•
early
With
draw
al,
• pe
nalti
es,
• in
tere
st r
ates
and
· st
atus
of
the
repr
esen
tativ
es.
SK
ILL
CR
ITE
RIA
Edu
cate
the
clie
nt r
egar
ding
gen
eric
inve
stm
ent
prod
ucts
in r
elat
ion
to d
epos
it pr
oduc
ts.
Edu
cate
the
clie
nt r
egar
ding
var
ious
dep
osit
prod
uct c
ateg
orie
s in
rel
atio
n to
the
clie
nt's
nee
ds.
Dis
clos
e th
e re
leva
nt p
rodu
ct in
form
atio
n to
the
cl
ient
.
---
Ol
C z p '" .....
01
.....
.j:>. G) o <
m
JJ z s: m
z -i
G) f:j m
:j
Jl1
01 o ~ o to
m
JJ
i\) o o co
No.
TA
SK
7.
Adh
ere
to t
he r
equi
rem
ents
of
the
Spe
cific
Cod
e o
f C
ondu
ct
for
Sho
rt-t
erm
Dep
osit
Bus
ines
s.
I .8.
. A
pply
his
/her
und
erst
andi
ng o
f
\
the
Sou
th A
fric
an f
inan
cial
and
ec
onom
ic c
onte
xt in
rel
atio
n to
pr
oduc
t ca
tego
ry.
9.
App
ly a
bas
ic u
nder
stan
ding
of
Life
Ins
uran
ce a
nd s
cope
of
Insu
ranc
e in
Sou
th A
fric
a.
30
KN
OW
LE
DG
E C
RIT
ER
IA
Dis
cuss
the
requ
irem
ents
of t
he C
ode
in t
erm
s of
:
· U
nsol
icite
d co
ntac
ting
of c
lient
s
· G
ener
al d
utie
s o
f the
pro
vide
r •
Con
trac
tual
ter
ms
and
cond
ition
s •
Dut
ies
rega
rdin
g fu
rnis
hing
adv
ice
to c
lient
s
· D
etai
ls o
n a
cco
un
t ope
ratio
n e
Con
fiden
tialit
y an
d pr
ivac
y •
Adv
ertis
ing
q C
ompl
aint
res
olut
ion
proc
esse
s
· W
aiv
er
of r
ight
s D
iscu
ss t
he f
ollo
win
g:
· T
he
orig
ins
of
mon
ey,
• ba
nkin
g an
d th
e ba
nkin
g sy
stem
(in
clud
ing
the
natio
nal p
aym
ent
syst
em a
nd m
oney
cre
atio
n).
Exp
lain
the
int
eres
t rat
e tr
ends
in t
he S
outh
Afr
ican
e
con
om
y in
rel
atio
n to
the
dep
osit
prod
uct.
Exp
lain
wha
t in
tere
st r
ates
are
.
"i::J
rscu
ss w
hy it
is i
mpo
rtan
t whe
n gi
ving
adv
ice
on
depo
sit p
rodu
cts.
-Dis
cuss
the
rol
e of
ban
king
with
in t
he S
outh
Afr
ican
ec
onom
y, i
nclu
ding
but
no
t lim
ited
to:
• in
tere
st r
ates
,
· ris
k an
d
· ec
onom
ic in
dica
tors
E
xpla
in t
he i
mpa
ct o
f the
SA
eco
nom
y, r
ate
and
risks
on
the
prod
uct
sele
ctio
n.
Exp
lain
the
int
eres
t rat
es a
nd p
rodu
ct r
isks
rel
ated
to
the
pro
duct
cat
egor
ies
clea
rly.
Exp
lain
brie
fl w
hat
the
vario
us li
fe in
sura
nce
optio
ns a
re w
ithin
the
Sou
th A
fric
an c
onte
xt.
SK
ILL
CR
ITE
RIA
Co
mp
ly w
ith t
he S
peci
fic C
ode
of
Con
duct
for
Sho
rt-t
erm
Dep
osit
Bus
ines
s w
hen
givi
ng a
dvic
e in
de
posi
t pr
oduc
ts.
Ren
der
finan
cial
ser
vice
s, k
eepi
ng t
he S
outh
A
fric
an e
cono
mic
con
text
in m
ind
as i
t rel
ates
to
depo
sit p
rodu
cts.
--
---
-
(j) ~ '-l
(j) /\ o m
JJ » z _-1
()1
o ~ OJ
m
JJ
f\) o o (X) z o w
()1
-I>
en ...
31
No
. T
AS
K
KN
OW
LE
DG
E C
RIT
ER
IA
Dis
cuss
whe
n a
clie
nt w
ould
req
uire
life
insu
ranc
e.
I----~~ I----~
10.
Det
erm
ine
the
clie
nts
need
for
E
xpla
in th
e pr
inci
ples
of
insu
ranc
e in
clud
ing:
in
sura
nce.
•
the
conc
epts
of
insu
rabl
e in
tere
st,
· in
sura
ble
risk,
•
du
ty o
f dis
clos
ure,
•
inde
mni
ty,
· av
erag
e,
• co
mpe
nsat
ion,
•
subr
ogat
ion,
· pr
oxim
ate
caus
e,
· co
ntrib
utio
n.
Dis
cuss
the
pol
icy
wor
ding
/s in
clud
ing:
· th
e co
ncep
t of
exc
ess,
· un
derw
ritin
g cr
iteria
and
•
type
s o
f pe
rils.
D
escr
ibe
the
bene
fits
offe
red
by
rele
vant
pro
duct
s.
Exp
lain
the
diff
eren
t lin
es o
f in
sura
nce.
I ExP
iain
th
e d
ITto
rent
typ
es o
f co
ver
(inc
ludi
ng s
elf
insu
ranc
e) a
vaila
ble
in r
elat
ion
to t
he i
mpl
icat
ions
an
d be
nefit
s th
ereo
f. .
Des
crib
e w
hat
spec
ific
cont
ract
ual
oblig
atio
ns t
he
clie
nt m
ay
be r
espo
nsib
le fo
r.
Iden
tify
the
poss
ible
are
as o
f ris
k to
whi
ch t
he c
lient
I m
ight
be
expo
sed.
SK
ILL
CR
ITE
RIA
App
ly th
e pr
inci
ples
of
insu
ranc
e w
hen
dete
rmin
ing
the
clie
nt's
nee
d fr
o in
sura
nce.
Gat
her
rele
vant
info
rmat
ion
by
com
plet
ing
a qu
estio
nnai
re w
here
app
licab
le.
Est
ablis
h th
e in
sura
ble
inte
rest
, pr
evio
us c
laim
s lo
ss h
isto
ry,
prev
ious
ins
uran
ce a
nd p
erso
nal
finan
cial
sta
tus
of t
he c
I ien
t.
Rec
ord
rele
vant
info
rmat
ion.
~-~
~-~
01
I\l z o w ... 01
..... ~
(j) o <
m
JJ z 5:
m
z -l
(j) f:j 9 m
01 o () d II
I m
JJ
I\l 8 (X)
32
Sec
tion
7:
RE
7:
Sec
ond
Leve
l R
egul
ator
y E
xam
ina
tion
: Lo
ng T
erm
Ins
uran
ce C
ateg
ory
B,
C a
nd R
etai
l P
ensi
on F
unds
(1
) (2)
(3)
No.
f-
---.
1.
!--:-
. 2.
All
repr
esen
tativ
es p
erfo
rmin
g fin
anci
al s
ervi
ces
in r
elat
ion
to c
ateg
ory
I, su
bcat
egor
y 1.
3 Lo
ng T
erm
Ins
uran
ce C
ateg
ory
B,
1.4
Long
-ter
m
Insu
ranc
e C
ateg
ory
C a
nd
1.5
Ret
ail
Pen
sion
B
enef
its a
re
requ
ired
to
com
plet
e a
first
lev
el
regu
lato
ry
exam
inat
ion,
ba
sed
on
the
qual
ifyin
g cr
iteri
a as
it
appe
ars
in S
ectio
n 6
and
a se
cond
lev
el r
egul
ator
y ex
amin
atio
n ba
sed
on t
he q
ualif
ying
crit
eria
in
Sec
tion
4 an
d S
ectio
n 7;
E
xam
inat
ion
bodi
es
have
the
dis
cret
iona
ry p
ower
s to
of
fer
a co
mbi
natio
n ex
amin
atio
n fo
r re
pres
enta
tives
wor
king
w
ith
Long
T
erm
In
sura
nce
Cat
egor
y B
, Lo
ng
Ter
m
Insu
ranc
e C
ateg
ory
C
and
Ret
ail
Pen
sion
B
enef
its
whe
re
such
re
pres
enta
tives
m
ay
choo
se t
o co
mpl
ete
one
exam
inat
ion
that
add
ress
es t
he q
ualif
ying
cri
teri
a as
it a
ppea
rs in
Sec
tions
4 a
nd 7
; T
he q
ualif
ying
crit
eria
in S
ectio
n 4
and
Sec
tion
7 se
rve
as t
he c
riter
ia a
gain
st w
hich
qua
lific
atio
ns w
ill b
e ev
alua
ted
for
incl
usio
n on
the
lis
t of
rec
ogni
sed
qual
ifica
tions
.
Tas
k K
no
wle
dg
e C
rite
ria
S
kill
Cri
teri
a
Est
ablis
h an
d de
fine
a D
escr
ibe
how
the
FA
IS C
ode
of C
ondu
ct is
app
lied
Pro
vide
dis
clos
ures
to c
lient
s.
prof
essi
onal
rel
atio
nshi
p w
ith
whe
n pr
ovid
ing
finan
cial
adv
ice
to a
clie
nt.
your
clie
nt.
Dis
cuss
the
dis
clos
ures
tha
t sh
ould
be
mad
e to
"Ga
the
r in
form
atio
n in
ord
er to
cl
ient
s, b
oth
upfr
ont a
nd o
ngoi
ng.
Dis
cuss
the
impo
rtan
ce a
nd p
urpo
se o
f P
erso
nal
cond
uct
a ba
sic
need
s F
inan
cial
Pla
nnin
g an
alys
is f
or a
clie
nt.
f--D
iscu
ss t
he i
mpo
rtan
ce a
nd p
urpo
se o
f In
vest
men
t
~anning
Dis
cuss
the
impo
rtan
ce a
nd p
urpo
se o
f R
isk
Man
agem
ent
Dis
cuss
the
impo
rtan
ce a
nd p
urpo
se o
f R
etire
men
t P
lann
ing.
I D
iscu
ss th
e im
port
ance
and
pur
pose
of
Est
ate
I Pla
nnin
g.
I Dis
cuss
the
info
rmat
ion
requ
ired
whe
n ga
ther
ing
Gat
her
rele
vant
info
rmat
ion
by c
ompl
etin
g a
I in
form
atio
n fo
r a
risk
prof
ile a
nd n
eeds
ana
lysi
s.
ques
tionn
aire
/ask
ing
rele
vant
que
stio
ns w
here
ap
plic
able
. D
iscu
ss t
he d
iffer
ent t
ypes
of
clie
nt r
isk
prof
iles.
D
eter
min
e th
e cl
ient
's r
isk
prof
ile (
incl
udin
g ag
e an
d af
ford
abili
ty) .
I D
iscu
ss t
he i
mpo
rtan
ce o
f cas
h m
anag
emen
t .
Gat
her
data
in t
erm
s of
cap
ital a
nd i
ncom
e st
rate
gies
, in
clud
ing
but
not l
imite
d to
an
emer
genc
y re
quire
men
ts (
excl
udin
g th
e re
sulta
nt r
ate)
in
orde
r fu
nd,
debt
man
agem
ent,
etc.
to
def
ine
pers
onal
and
fin
anci
al g
oals
of t
he c
lient
_b
y de
term
inin
g:
I
(J) ~ '-j (J) A o m
Jl » z .-1
(J1 o ~ o OJ
m
Jl
I\) o o CXl z o w
(J
1 ~
4> en t.)
U)
U1 t
----
----
,---
No.
T
ask
33
Kn
ow
led
ge
Cri
teri
a
Dis
cuss
how
fina
ncia
l st
atem
ents
are
int
erpr
eted
.
Des
crib
e th
e im
pact
of
the
life
cycl
e of
an
indi
vidu
al
on t
he fi
nanc
ial
need
s an
alys
is p
roce
ss.
Ski
ll C
rite
ria
· th
e cl
ient
's a
bilit
y to
sav
e;
· th
e cl
ient
's a
ttitu
de t
owar
ds d
ebt;
• th
e cl
ient
's a
sset
s an
d lia
bilit
ies,
cas
h flo
w,
inco
me,
net
wor
th a
nd b
udge
t; •
the
clie
nt's
ta
x po
sitio
n.
Gat
her
data
in t
erm
s of
inve
stin
g fo
r gr
owth
an
d/o
r in
com
e (in
clud
ing
exis
ting
port
folio
s) b
y:
· de
term
inin
g th
e cl
ient
's c
urre
nt a
sset
s;
· id
entif
ying
cas
h flo
ws
avai
labl
e fo
r in
vest
men
ts;
· de
term
inin
g th
e cl
ient
's e
xper
ienc
e an
d at
titud
e to
war
ds i
nves
tmen
ts;
• de
term
inin
g th
e cl
ient
's i
nves
tmen
t ob
ject
ives
;
· de
term
inin
g th
e cl
ient
's t
oler
ance
for
inve
stm
ent
risk;
· id
entif
ying
the
clie
nt's
exp
ecta
tions
in t
erm
s of
re
turn
; •
iden
tifyi
ng t
he c
lient
's t
ime
horiz
on.
Gat
her
data
in t
erm
s of
ris
k m
an
ag
em
en
t in
clud
ing
deat
h an
d/or
dis
abili
ty a
nd s
hort
-ter
m i
nsur
ance
, by
:
· co
llect
ing
deta
ils o
f the
clie
nt's
exi
stin
g in
sura
nce
cove
rage
;
· de
term
inin
g th
e cl
ient
's r
isk
ma
na
ge
me
nt
obje
ctiv
es;
· de
term
inin
g th
e cl
ient
's t
oler
ance
for
ris
k;
· de
term
inin
g th
e cl
ient
's l
ifest
yle
and
heal
th
issu
es.
Ga
the
r d
ata
in t
erm
s of
ret
irem
ent
plan
ning
by
colle
ctin
g in
form
atio
n:
• on
pot
entia
l so
urce
s of
ret
irem
ent
inco
me;
•
deta
ils o
f es
timat
ed r
etir
emen
t ex
pens
es;
• on
the
clie
nt's
ret
irem
ent
obje
ctiv
es;
· re
gard
ing
the
clie
nt's
atti
tude
tow
ards
re
tirem
ent.
~ z o U)
U1 .....
.p.
G) o ~ lJ
Z s: m
z -i
G) ~ ~ Ji1
U1 o ~ o OJ
m
lJ
I\
) a a (Xl
G) o rp -' o N
-'
W
-' ~ w
()
1 !
No
. T
ask
I I
! 3.
A
naly
se a
nd e
valu
ate
the
clie
nt's
fin
anci
al s
tatu
s as
par
t of
a b
asic
nee
ds a
naly
sis.
I
34
Knowl~dge C
rite
ria
Exp
lain
wh
at
is m
eant
by
"tim
e va
lue
of m
oney
".
Des
crib
e th
e ta
x im
plic
atio
ns fo
r th
e cl
ient
whe
n an
alys
ing
and
eval
uatin
g th
e cl
ient
's c
apita
l an
d in
com
e re
quire
men
ts (
in a
ccor
danc
e w
ith t
he
Inco
me
Tax
Act
, 19
62)
incl
udin
g bu
t no
t lim
ited
to:
· F
ringe
ben
efits
· A
ccru
als
from
Ann
uitie
s
· Lu
mp
sum
s fr
om t
erm
inat
ion
of e
mpl
oym
ent
· D
ivid
ends
and
Int
eres
t
· .C
ontr
ibut
ions
•
Don
atio
ns
• D
educ
tions
· E
xem
ptio
ns a
nd E
xclu
sion
s
· S
ITE
and
PA
VE
Ski
ll C
rite
ria
Gat
her
data
in t
erm
s of
est
ate
plan
ning
by
colle
ctin
g in
form
atio
n on
: •
lega
l agr
eem
ents
and
doc
umen
ts im
pact
ing
on
esta
te p
lann
ing;
•
the
clie
nt's
est
ate
plan
ning
obj
ectiv
es;
• bu
sine
ss r
elat
ions
hips
and
fam
ily d
ynam
ics
that
im
eact
on
esta
te e
lann
ing.
C
ondu
ct a
bas
ic n
eeds
ana
lysi
s fo
r a
clie
nt in
ter
ms
of: ·
Per
sona
l F
inan
cial
Pla
nnin
g •
Inve
stm
ent
Pla
nnin
g
· R
isk
Man
agem
ent
· R
etire
men
t P
lann
ing
· E
stat
e P
lann
ing
· B
usin
ess
assu
ranc
e (w
here
app
licab
le);
•
Hea
lth c
are.
P
erfo
rm t
ime
valu
e o
f m
oney
cal
cula
tions
whe
n an
alys
ing
a cl
ient
's c
apita
l an
d in
com
e re
quire
men
ts
(exc
ludi
ng t
he r
esul
tant
rat
e fo
rmul
a).
Per
form
bas
ic c
ash
flow
cal
cula
tions
.
Ana
lyse
inco
me
tax
impl
icat
ions
and
cal
cula
te t
ax
effic
ient
sol
utio
ns (
by p
erfo
rmin
g ba
sic
tax
calc
ulat
ions
) .
(fJ ~ '-I
(J) A a m
II » z .:-
i -'
()1 a q a OJ
m
II
N o o OIl z o Co
)
()1
-'
.j>.
CI) U1
35
---
No
. T
ask
K
no
wle
dg
e C
rite
ria
· C
apita
l G
ains
Ta
x •
VA
T
Dis
cuss
the
cap
ital
need
s an
d in
com
e r
equi
rem
ents
in
the
eve
nt o
f de
ath,
dis
abili
ty a
nd d
read
dis
ease
in
clud
ing
but
no
t lim
ited
to:
• R
epay
men
t of
cap
ital
amou
nts
· R
epla
cem
ent
of
inco
me
• P
rovi
sion
fo
r la
st e
xpen
ses
• M
edic
al e
xpen
ses
Dis
cuss
the
impl
icat
ions
of t
he U
fe O
ffic
er's
A
ssoc
iatio
n C
odes
of g
ood
Pra
ctic
e in
Dis
abili
ty
Insu
ranc
e w
hen
dete
rmin
ing
the
clie
nt's
cap
ital
and
inco
me
requ
irem
ents
. D
iscu
ss t
he i
mpl
icat
ions
of t
he E
stat
e D
uty
Act
, 19
55 w
hen
dete
rm in
ing
the
clie
nt's
cap
ital
and
. in
com
e re
quir
emen
ts in
the
eve
nt o
f de
ath.
~iSCUS
S the
impl
icat
ions
of t
he l
ife c
ycle
of a
n Ln
divi
dual
cap
ital
and
inco
me
requ
irem
ents
. B
rief
ly d
escr
ibe
finan
cial
mar
kets
and
ins
trum
ents
in
term
s of
inve
stm
ents
incl
udin
g:
· C
apita
l m
ark
et
• M
oney
Mar
ket
• E
quity
Ma
rke
t
· P
rope
rty
Mar
ket.
I •
Har
d A
sset
s •
Der
ivat
ives
E
xpla
in t
he b
asic
inv
estm
ent p
rinc
iple
s in
clud
ing
but
no
t lim
ited
to:
• in
com
e v
ersu
s ca
pita
l gr
owth
• ris
k ve
rsus
ret
urn
• ta
x ef
ficie
ncy
• T
ime
Val
ue o
f M
on
ey
· E
cono
mic
Ind
icat
ors
incl
udin
g bu
t n
ot l
imite
d to
Ski
ll C
rite
ria
Det
erm
ine
the
clie
nt's
cap
ital
need
in t
he e
vent
of
deat
h, d
isab
ility
, re
tren
chm
ent
and/
or r
etir
emen
t in
or
der
to p
rovi
de f
or
capi
tal
requ
irem
ents
and
inc
ome
requ
irem
ents
(ex
clud
ing
Cap
ital
Gai
ns T
ax).
Cal
cula
te t
he t
ax o
n lu
mp
sum
s w
hen
dete
rmin
ing
the
clie
nt's
cap
ital
and
inco
me
requ
irem
ents
in t
he
even
t of d
eath
, di
sabi
lity,
ret
renc
hmen
t an
d re
tirem
ent.
Cal
cula
te th
e ta
x de
duct
ibili
ty o
n p
rem
ium
s w
hen
dete
rmin
ing
the
clie
nt's
cap
ital
and
inco
me
requ
irem
ents
in t
he e
vent
of d
eath
, di
sabi
lity,
re
tren
chm
ent
and
retir
emen
t.
CaJ
cula
te t
he r
equi
red
rate
of
retu
rn t
o re
ach
the
clie
nt's
inv
estm
ent o
bjec
tives
.
Inte
rpre
t a.
ndco
mm
unic
ate
econ
omic
indi
cato
rs a
nd
thei
r ef
fect
on
a cl
ient
's i
nves
tmen
t po
rtfo
lio.
,
(I)
(I) z 9 tv .... 01 .... .j>. Gl ~ m
II
z s: m
z -I
Gl (:j 9 m
01 o ~ OJ
m
II
I\l o o Q)
No.
T
ask
36
Kn
ow
led
ge
Cri
teri
a
infla
tion
rate
s, C
PIX
, in
tere
st r
ates
, G
OP
, cu
rren
cy,
exch
ange
rat
es a
nd t
heir
affe
ct o
n in
vest
men
ts
Ben
chm
arks
and
ind
ices
E
cono
mic
prin
cipl
es (
buy
and
sell.
eco
nom
ic
cycl
es,
supp
ly a
nd
• F
orei
gn I
inte
rnat
iona
l M
arke
t E
xpec
tatio
ns a
nd I
nves
tmen
t R
isk
Act
ive
vers
us p
assi
ve m
anag
emen
t R
and
Cos
t Ave
ragi
ng
Com
poun
d In
tere
st a
nd r
einv
estm
ent
of in
com
e D
iver
sific
atio
n D
escr
ibe
the
mai
n as
set
clas
ses
in t
erm
s of
st
ruct
ure
(incl
udin
g ris
k vs
. re
turn
, vo
latil
ity a
ttach
ed
to e
ach
asse
t cl
ass)
as
it re
late
s to
: • ..
prop
erty
I al
tern
ativ
e in
vest
men
ts a
nd
cash
inve
stm
ents
. Li
st t
he r
elev
ant
indu
stry
rol
e pl
ayer
s in
inv
estm
ents
an
d de
scrib
e th
eir
func
tions
incl
udin
g bu
t no
t lim
ited
to: • ..
CIS
Man
ager
(M
anag
emen
t C
o)
Tru
stee
I C
usto
dian
R
egis
trar
A
SIS
A
Adm
inis
trat
ive
FS
Ps
Pen
sion
fun
d be
nefit
adm
inis
trat
ors
Ana
lyse
a c
lient
's c
urre
nt p
ortfo
lio o
f as
sets
in t
erm
s o
f: Ta
x ef
fect
iven
ess
Ris
k
Ski
ll C
rite
ria
Det
erm
ine
a cl
ient
's i
nves
tmen
t nee
ds in
ter
ms
of
inve
stin
g fo
r in
com
e an
d lo
r gr
owth
, ba
sed
on t
he
clie
nt's
ris
k pr
ofile
, in
clud
ing
advi
ce o
n ex
istin
g in
vest
men
t oo
rtla
lio's
and
imol
icat
ians
of
port
folio
(fl ~ @
6 m
JJ
» z .-1
()1 o ~ III m
JJ
I\) o o co z o w .... tn
-!:> Ol ....
No.
T
ask
37
Kn
ow
led
ge
Cri
teri
a
Impa
ct o
f in
flatio
n M
atur
ity D
ates
D
iver
sific
atio
n C
ost
Rat
e o
f Ret
urn
Dis
cuss
the
diff
eren
t typ
es o
f in
vest
men
ts in
clud
ing
but
not
limite
d to
: C
olle
ctiv
e In
vest
men
t S
chem
es
Equ
ities
•
Inte
rest
-Bea
ring
Inve
stm
ents
Li
nked
and
Mar
ket-
rela
ted
inve
stm
ents
E
ndow
men
ts
Tan
k C
onta
iner
s ..
Hed
ge F
unds
!:
:nro
inn
I In
tern
atio
nal I
nves
tmen
ts
Des
crib
e th
e di
ffer
ent t
ypes
of i
nves
tmen
ts in
ter
ms
of:
Pur
pose
an
d •
Cha
ract
eris
tics
(Pric
e, F
ees
cost
s an
d te
rmin
atio
n sw
itchi
ng
Ter
m,
and
Ret
urn,
tax
, '
Ben
efits
Li
mita
tions
P
olic
Y p
rovi
sion
s D
iscu
ss t
he le
gal
requ
irem
ents
ass
ocia
ted
with
in
vest
men
ts.
Ski
ll C
rite
ria
Mat
ch t
he a
ppro
pria
te in
vest
men
t pr
oduc
ts w
ith t
he
clie
nt's
ris
k pr
ofile
and
inv
estm
ent
need
s.
Des
crib
e th
e di
ffer
ent t
ypes
of
inve
stm
ents
and
th
e di
ffere
nces
to t
he c
lient
in
lang
uage
and
in a
ccor
danc
e w
ith t
he c
lient
's
exis
ting
know
ledg
e in
ord
er to
ass
ist t
he c
lient
mak
e an
app
ropr
iate
inve
stm
ent d
ecis
ion.
Ol co z o t.) .....
01
..... ~
G) o <
m
II
z s::: m
z -l
G) ~ 9 m
01 o ()
-l o OJ m
II
N o o co
38
No.
T
ask
K
no
wle
dg
e C
rite
ria
Des
crib
e th
e es
tate
dut
y im
plic
atio
ns f
or t
he c
lient
w
hen
anal
ysin
g an
d ev
alua
ting
prop
osed
in
vest
men
t opt
ions
(in
acc
orda
nce
with
the
Est
ate
Dut
y A
ct,
1955
).
Des
crib
e th
e tr
ansf
er d
uty
impl
icat
ions
for
the
clie
nt
whe
n an
alys
ing
and
eval
uatin
g pr
opos
ed
inve
stm
ent o
ptio
ns (
in a
ccor
danc
e w
ith t
he T
rans
fer
Dut
y A
ct,
1949
).
Des
crib
e th
e im
plic
atio
ns o
f mar
riage
and
div
orce
w
hen
anal
ysin
g an
d ev
alua
ting
prop
osed
in
vest
men
t opt
ions
(in
acc
orda
nce
with
the
M
atrim
onia
l P
rope
rty
Act
, 19
88).
D
escr
ibe
the
impl
icat
ions
of t
he P
ensi
on F
unds
Act
, 19
56 w
hen
anal
ysin
g an
d ev
alua
ting
prop
osed
in
vest
men
t opt
ions
. D
iscu
ss t
he c
lass
ifica
tion
of c
olle
ctiv
e in
vest
men
t sc
hem
es a
s de
scrib
ed in
the
Ass
ocia
tion
for
Sav
ings
and
Inv
estm
ent f
or S
A (
AS
ISA
) C
ode
of
Pra
ctic
e re
latin
g to
Fun
d C
lass
ifica
tions
for
SA
R
egul
ated
CI
Por
tfolio
s.
Des
crib
e th
e im
pact
of
the
Long
-Ter
m I
nsur
ance
Act
19
98 o
n in
vest
men
ts,
incl
udin
g:
· S
urre
nder
val
ues;
· In
solv
ency
and
pol
icie
s;
· P
rem
ium
esc
alat
ion;
· 4
Fun
d ap
proa
ch;
· 20
% R
ule;
· F
orei
gn E
xcha
nge
Con
trol
Reg
ulat
ions
. D
escr
ibe
the
impa
ct o
f le
gisl
atio
n on
bus
ines
s as
sura
nce
in t
erm
s of
: •
Law
of
Con
trac
t •
Mat
rimon
ial
Pro
pert
y A
ct,
1988
· In
com
e T
ax A
ct,
1962
· E
stat
e D
uty
Act
, 19
55
Ski
ll C
rite
ria
Iden
tify
the
area
s of
ris
k to
whi
ch t
he c
lient
is
expo
sed,
and
det
erm
ine
the
clie
nt's
nee
d fo
r bu
sine
ss a
ssur
ance
.
(J) ~ '-1
(J) A o m
JJ » z .-1
U1 o ~ o rn m
JJ
I\
) o o (Xl z o w
U1 ......
.p. Ol
CD
39
---
No.
T
ask
K
no
wle
dg
e C
rite
ria
. D
efer
red
Com
pens
atio
n, P
refe
rred
C
ompe
nsat
ion
Dis
cuss
the
var
ious
bus
ines
s en
titie
s, a
nd t
heir
busi
ness
ass
uran
ce r
equi
rem
ents
. D
iscu
ss th
e ro
le o
f bu
sine
ss v
alua
tion
and
loan
ac
coun
t cov
er in
det
erm
inin
g a
clie
nt's
nee
d fo
r i b
usin
ess
assu
ranc
e.
I D
iscu
ss t
he n
eed
for
busi
ness
con
tinge
ncy
plan
s in
I d
eter
min
ing
the
clie
nt's
nee
d fo
r bu
sine
ss
, as
sura
nce.
I
Dis
cuss
how
the
buyi
ng a
nd s
ellin
g of
I
stoc
k/pr
oduc
ts a
ffect
s th
e ne
ed f
or b
usin
ess
I as
sura
nce.
I i I E
xpla
in t
he p
rinci
ples
of
insu
ranc
e in
clud
ing
the
conc
epts
of
insu
rabl
e in
tere
st,
insu
rabl
e ris
k, d
uty
of
disc
losu
re,
inde
mni
ty,
aver
age,
com
pens
atio
n,
subr
ogat
ion,
pro
xim
ate
caus
e, c
ontr
ibut
ion,
law
of
cont
ract
.
Des
crib
e th
e di
ffer
ent t
ypes
of
life
assu
ranc
e an
d di
sabi
lity
insu
ranc
e, s
hort
-ter
m in
sura
nce
(com
mer
cial
and
per
sona
l lin
es)
and
heal
th
insu
ranc
e in
ter
ms
of:
· P
urpo
se
· S
truc
ture
· C
hara
cter
istic
s (R
ates
, C
osts
, T
erm
, U
nder
lyin
g
---
Ski
ll C
rite
ria
Iden
tify
the
area
s of
ris
k to
whi
ch t
he c
lient
is
expo
sed,
and
det
erm
ine
the
clie
nts
need
for
life
as
sura
nce,
sho
rt-t
erm
ins
uran
ce a
nd h
ealth
car
e in
sura
nce.
E
stab
lish
the
clie
nt's
:
· in
sura
ble
inte
rest
,
· pr
evio
us c
laim
s lo
ss h
isto
ry,
• pr
evio
us i
nsur
ance
· cu
rren
t in
sura
nce
cove
rage
· th
e im
plic
atio
ns o
f cha
nges
to
the
curr
ent
insu
ranc
e, a
nd
• pe
rson
al f
inan
cial
sta
tus
in o
rder
to
prio
ritis
e th
e cl
ient
's r
isk
man
agem
ent
need
s.
Mat
ch t
he a
ppro
pria
te in
sura
nce
prod
ucts
with
the
cl
ient
's r
isk
prof
ile a
nd i
nves
tmen
t ne
eds.
---
----
-..I o z p w
.....
()l .....
.p. Q o <
m
:II z s:::
m
z -l
Q ~ g JTl
()l o § OJ
m
:II
II.)
a a O
J
40
No.
T
ask
K
no
w.le
dg
e C
rite
ria
Por
tfolio
, T
a'(
etc.
}
· B
enef
its
• Li
mita
tions
, •
Res
tric
tions
, E
xclu
sion
s &
Wai
ting
Per
iods
•
Pre
miu
ms
& C
ontr
ibut
ions
•
Pol
icy
prov
isio
ns &
Sch
eme
Rul
es
Dis
cuss
the
im
plic
atio
ns o
f the
Med
ical
Sch
emes
A
ct a
nd t
he i
mpa
ct o
n m
edic
al s
chem
es a
nd
insu
ranc
e pr
oduc
ts.
Des
crib
e th
e im
plic
atio
ns o
f m
arria
ge a
nd d
ivor
ce
whe
n an
alys
ing
and
eval
uatin
g pr
opos
ed r
etire
men
t I
optio
ns (
in a
ccor
danc
e w
ith t
he M
atrim
onia
l P
rope
rty
Act
, 19
88.
Div
orce
Act
197
9, M
aint
enan
ce
of
Sur
vivi
ng S
pous
es 1
990,
and
Pen
sion
Fun
ds A
ct,
1956
).
Exp
lain
wha
t is
mea
nt b
y a
retir
emen
t an
nuity
.
Exp
lain
wha
t is
mea
nt b
y a
pres
erva
tion
fund
.
----
Exp
lain
wha
t is
mea
nt b
y a
livin
g an
nuity
.
Exp
lain
the
diff
eren
ce b
etw
een
an a
nnui
ty a
nd a
!
savi
ngs
polic
y.
Dis
cuss
the
diff
eren
t typ
es o
f re
tirem
ent
optio
ns
incl
udin
g bu
t n
ot l
imite
d to
(be
nefit
s, c
ontr
ibut
ions
, ta
x et
c.)
in t
erm
s of
:
• Li
ving
ann
uity
•
Join
t life
ann
uity
· R
etire
men
t an
nuity
with
life
and
dis
abili
ty c
over
•
Ret
irem
ent
annu
ity w
ithou
t lif
e co
ver
• R
etire
men
t an
nuity
link
ed t
o an
inv
estm
ent
Exp
lain
-tax
min
imiz
atio
n I
relie
f (r
etire
men
t an
nuiti
es
an
dle
ase
s). _
Ski
ll C
rite
ria
I !
Ass
ess
finan
cial
t:
:11
1t:
:IIL
::I at
ret
ir!
len
t dat
e.
Det
erm
ine
whe
ther
the
clie
nt's
ret
irem
ent
obje
ctiv
es
are
real
istir
.
Dev
elop
fin
anci
al p
roje
ctio
ns b
ased
on
curr
ent
posi
tion,
and
ass
ess
the
impa
ct o
f ch
ange
s to
~ssumetions o
n fin
anci
al e
roje
ctio
ns.
Con
side
r po
tent
ial r
etire
men
t pl
anni
ng s
trat
egie
s fo
r a
part
icul
ar c
lient
.
---
(fJ ~ '-1
(fJ A o m
:n ~ :-l ~
U1 o q o III m
:n
~
o o CD z o Ul
..J.
U1 ~
,p. ""I ...
No
. T
ask
41
Kn
ow
led
ge
Cri
teri
a
Exp
lain
the
bas
ic r
ules
per
tain
ing
to t
he t
axat
ion
of
retir
emen
t fu
nds.
D
iscu
ss t
he m
axim
um c
ontr
ibut
ions
for
ret
irem
ent
fund
s.
Ski
ll C
rite
ria
Exp
lain
exi
stin
g em
ploy
ee b
enef
its in
ter
ms
of th
e A
naly
se a
bus
ines
s cl
ient
's e
mpl
oyee
ben
efit
impa
ct o
f the
: pr
ovis
ion
and
requ
irem
ents
• •
Pen
sion
Fun
ds A
ct,
1956
P
ensi
on F
und
Rul
es
of
1979
In
com
e T
ax
Act
, 19
62
Spo
uses
, 19
90
Long
-Ter
m I
nsur
ance
Act
, 19
98
Gro
uD R
isk
Ben
efits
Inte
rpre
t the
pen
sion
fun
ds s
tate
men
t.
Ana
lyse
an
esta
te in
ord
er to
pro
pose
an
appr
opria
te f
inan
cial
sol
utio
n, (
excl
udin
g re
sulta
nt
rate
), i
nclu
ding
: •
Net
wor
th a
t de
ath
Pot
entia
l ex
pens
es a
nd t
axes
ow
ing
at
deat
h •
Spe
cific
nee
ds o
f be
nefic
iarie
s o
f the
est
ate
at d
eath
,~
-;--
,-:-
---:
--_,
.---
,:-c
-:--
-c:-
--:-
--:-_
__
__
__
-+-=-~P-=o:.:.:te:ccntial
esta
te p
lann
in 9
str
ateg
i es
Exp
lain
the
im
pact
of t
he f
ollo
win
g A
cts
on a
n P
erfo
rm a
bas
ic e
stat
e du
ty c
alcu
latio
n (in
clud
ing
esta
te,
whe
re r
esid
ue m
ay
be b
eque
athe
d to
ex
ecut
or's
fees
), w
here
res
idue
ma
y be
beq
ueat
hed
spou
se a
nd w
here
a c
lient
may
be
mar
ried
(with
or
to s
pous
e an
d w
here
clie
nt m
ay
be m
arrie
d w
ithou
t ac
crua
l), a
nd w
ith o
r w
ithou
t co
mm
unity
of
with
out a
ccru
al),
and
with
or
prop
erty
: pr
oper
ty (
not t
akin
g C
GT
into
•
Est
ate
Dut
y A
ct,
1 955
P
rope
rty
Act
, 19
88
Inte
stat
e S
ucce
ssio
n A
ct,
1987
•
Will
s A
ct,
1953
•
CG
T I
Inco
me
Ta
x 19
62
..., I\) z 9 w .... 01 .... .f:>
G) o <
m
lJ
z s:: m
z -l
G) ~ 9 JT1
01 o ~ o (l
J
m
lJ
I\l o o Cll
finan
c re
CO
IT
alte
rn
Ta
sk
I
)p a
nd p
rese
nt a
ia
l pl
an w
ith
men
datio
ns a
nd
3.tiv
es.
42
Kn
ow
led
ge
Cri
teri
a
Exp
lain
the
im
pa
ct o
f the
fol
low
ing
Act
s on
the
liq
uidi
ty o
f an
est
ate:
· E
stat
e D
uty
Act
, 19
55
· M
atrim
onia
l P
rope
rty
Act
, 19
88
· In
test
ate
Suc
cess
ion
Act
, 19
87
· W
ills
Act
, 19
53
· C
GT
I In
com
e T
ax
Act
, 19
62
• D
ivor
ce A
ct,
1979
· P
ensi
on F
unds
Act
, 19
56
· M
aint
enan
ce o
f S
urvi
ving
Spo
uses
, 19
90
Dis
cuss
the
conc
ept
of a
trus
t an
d its
ben
efits
in
I--es
tate
pla
nnin
g.
Exp
lain
the
nee
d to
sav
e fo
r re
tirem
ent
and
the
impl
icat
ions
of
not
havi
ng s
aved
for
ret
irem
ent.
~~
Exp
lain
how
fina
ncia
l pr
oduc
ts a
re li
nked
to
a cl
ient
's n
eeds
and
cir
cum
stan
ces.
Dis
cuss
bas
ic in
vest
men
t pr
inci
ples
.
Dis
cu
ss th
e ba
sic
com
pone
nts
of
an i
nves
tmen
t st
rate
gy in
clud
ing:
•
Wea
lth c
reat
ion
• In
com
e ge
nera
tion
· W
ealth
pro
tect
ion
I S
kill
Cri
teri
a
~ P
erfo
rm a
bas
ic e
stat
e liq
uidi
ty c
alcu
latio
n (n
ot
taki
ng C
GT
into
acc
ount
).
Iden
tify
the
suita
bilit
y o
f a p
rodu
ct t
o m
eet t
he
clie
nt's
nee
ds.
Sel
ect t
he m
ost
app
ropr
iate
pro
duct
s in
ord
er to
m
ee
t the
clie
nt's
nee
ds.
Edu
cate
the
clie
nt in
ter
ms
of th
e ne
ed t
o pr
ovid
e fin
anci
ally
for
retir
emen
t. R
ecom
men
d st
ruct
ures
and
pro
duct
s to
add
ress
a
clie
nt's
fina
ncia
l, re
tirem
ent,
risk,
inv
estm
ents
, es
tate
pla
nnin
g ne
eds
and
busi
ness
ass
uran
ce
need
s.
Com
mun
icat
e pr
oduc
t fea
ture
s an
d be
nefit
s to
a
clie
nt in
sim
ple
and
ea
sy to
und
erst
and
lang
uage
in
orde
r to
ena
ble
the
clie
nt to
mak
e an
inf
orm
ed
deci
sion
. (I
nclu
ding
eco
nom
ic c
once
pts,
eve
nts,
in
dica
tors
, C
PIX
, et
c.)
Adv
ise
the
clie
nt o
n th
e in
com
e ta
x im
plic
atio
ns
(incl
udin
g C
apita
l G
ains
Tax
), t
rans
fer
duty
and
es
tate
dut
y of
exi
stin
g an
d pr
opos
ed in
vest
men
ts.
Adv
ise
the
clie
nt o
n th
e be
nefit
s of
offs
hore
di
vers
ifica
tion
as p
art o
f an
inve
stm
ent p
lan
(incl
udin
g cu
rren
cy r
isk)
-~
! I
(jJ ~ :..j
(jJ A o m
JJ » z .:-!
(]l o ~ o co m
JJ
l'I:l g Ol z o c..>
(]
l -' ~
..... W
43
No.
T
ask
K
no
wle
dg
e C
rite
ria
Des
crib
e an
act
ive
vs.
a pa
ssiv
e ap
proa
ch t
o F
und
Man
agem
ent.
D
escr
ibe
the
tax
impl
icat
ions
for
the
clie
nt w
hen
anal
ysin
g an
d ev
alua
ting
prop
osed
inv
estm
ent
optio
ns (
in a
ccor
danc
e w
ith t
he I
ncom
e T
ax
Act
, 19
62).
D
iscu
ss t
he f
eatu
res
and
bene
fits
of in
sura
nce
prod
ucts
. E
xpla
in t
he d
iffer
ent t
ypes
of
cove
r (in
clud
ing
self
insu
ranc
e) a
vaila
ble
and
the
impl
icat
ions
and
be
nefit
s th
ereo
f. E
xpla
in t
he p
olic
y w
ordi
ng/s
inc
ludi
ng t
he c
once
pt o
f ex
cess
, un
derw
ritin
g cr
iteri
a an
d ty
pes
of p
erils
. D
escr
ibe
clie
nt s
peci
fic c
ontr
actu
al o
blig
atio
ns o
f th
e va
riou
s pr
oduc
ts.
Pro
vide
a b
asic
exp
lana
tion
of a
nnui
ties.
Des
crib
e th
e do
natio
ns t
ax i
mpl
icat
ions
whi
ch m
ay
be o
r be
com
e ap
plic
able
to
a cl
ient
's f
inan
cial
pl
ans/
actio
ns (
busi
ness
).
Dis
cuss
the
im
plic
atio
ns o
f a b
enef
icia
ry n
omin
atio
n on
a p
olic
y, r
esig
natio
n an
d w
ithdr
awal
, w
indi
ng u
p o
f a
fund
. D
escr
ibe
the
impl
icat
ions
of a
ben
efic
iary
no
min
atio
n on
a p
olic
y, r
esig
natio
n an
d w
ithdr
awal
, w
indi
ng u
p of
a fu
nd,
incl
udin
g:
• T
a){
impl
icat
ions
•
Pen
sion
Fun
ds A
ct,
1956
-
Ski
ll C
rite
ria
Adv
ise
clie
nts
on e
xist
ing
inve
stm
ent
port
folio
s.
Adv
ise
clie
nts
on t
he i
mpa
ct o
f di
vorc
e, m
arri
age
and
mai
nten
ance
ord
ers
on e
stat
e an
d re
tirem
ent
plan
ning
. In
terp
ret a
nd e
xpla
in t
he p
ensi
on f
unds
sta
tem
ent t
o th
e cl
ient
.
Exp
lain
exi
stin
g em
ploy
ee b
enef
its t
o an
ind
ivid
ual
clie
nt.
Adv
ise
a cl
ient
on
the
impl
icat
ions
of
a be
nefic
iary
no
min
atio
n on
a p
olic
y, r
esig
natio
n an
d w
ithdr
awal
, w
indi
ng u
p of
a fu
nd.
Str
uctu
ring
of a
por
tfolio
(lo
w,
med
ium
and
hig
h ris
f<)
in a
ccor
danc
e w
ith t
he c
lient
's n
eeds
. S
truc
ture
pol
icie
s to
max
imiz
e ta
x be
nefit
s.
Adv
ise
clie
nts
on t
he i
mpl
icat
ions
of
rest
ruct
urin
g ex
istin
g in
vest
men
t por
tfolio
s.
"'l
-I> z o w
......
U1 .,. G.>
o <
m
JJ z ~ m
z -1
G.> » N m
:::j m
U1 o ~ OJ
m
JJ
I\
) o o co
44
-1
---
No.
I
Ta
sk
I K
no
wle
dg
e C
rite
ria
~ I
5.
Impl
emen
t the
fin
anci
al p
lan
Dis
cuss
the
rel
evan
ce o
f di
sclo
sure
s, r
ecor
d of
an
d re
com
men
datio
ns.
advi
ce a
nd t
he F
AIS
cod
e of
con
duct
whe
n de
velo
ping
a fi
nanc
ial
plan
ning
rep
ort.
6.
Mon
itor
the
finan
cial
pla
n an
d D
iscu
ss t
he r
easo
ns f
or r
evie
win
g an
d m
onito
ring
a re
com
men
datio
ns.
finan
cial
pla
n in
clud
ing
but
not
limite
d to
:
· C
hang
es in
per
sona
l ci
rcum
stan
ces
of t
he c
lient
· C
hang
es in
clie
nt g
oals
and
obj
ectiv
es
· C
hang
es in
leg
isla
tion
· In
trod
uctio
n of
new
pro
duct
s an
d se
rvic
es
7.
Adv
ise
clie
nt o
n a
Will
. E
xpla
in t
he i
mpl
icat
ions
if a
clie
nt d
o no
t hav
e a
valid
Will
.
I----
-cc-
--D
iscu
ss t
he i
mpl
icat
ions
of t
he c
laus
es o
f a
stan
dard
will
, ta
king
int
o ac
coun
t:
· T
rust
Com
pany
Con
trol
Act
, 19
88
· A
dmin
istr
atio
n of
Est
ates
Act
, 19
65
· C
ompa
nies
Act
, 19
73
· C
lose
Cor
pora
tions
Act
, 19
84
Ski
ll C
rite
ria
Pro
duce
a c
ompr
ehen
sive
and
und
erst
anda
ble
finan
cial
pla
nnin
g re
port
for
a cl
ient
. P
riorit
ise
actio
n st
eps
to a
ssis
t a c
lient
in
impl
emen
ting
a fin
anci
al p
lan
and
reco
mm
enda
tions
. A
djus
t re
com
men
datio
ns in
acc
orda
nce
chan
ges
in
the
clie
nt's
life
cyc
le a
nd p
erso
nal c
ircu
mst
ance
s.
Reb
alan
ce p
ortfo
lios
as r
equi
red
in o
rder
to m
eet
the
clie
nt's
cha
ngin
g ne
eds.
Exp
lain
to
the
clie
nt th
e im
plic
atio
ns o
f hi
s/he
r w
ill
and
how
the
will
ma
y be
upd
ated
/impr
oved
. -E
xpla
in to
the
clie
nt th
e im
plic
atio
ns o
f the
cla
uses
of
a s
tand
ard
will
. D
raw
up
a st
anda
rd W
ill f
or a
clie
nt.
I
(J) ~ '-l
(J) 6 m
JJ
):>
Z
--I
(}1
o ~ OJ
m
JJ
F\)
a a co
z o w
(}1
.....
. .I>
~
Se
ctio
n 8
: R
E 8
: S
eco
nd
Le
vel
Re
gu
lato
ry E
...'(a
min
atio
n: P
art
icip
ato
ry In
tere
sts
In C
olle
ctiv
e In
vest
me
nt S
che
me
s
(1 )
(2)
(3) No.
2.
All
repr
esen
tativ
es p
erfo
rmin
g fin
anci
al
serv
ices
in
rela
tion
to c
ateg
ory
I, su
bcat
egor
y P
artic
ipat
ory
Inte
rest
s in
C
olle
ctiv
e In
vest
men
t S
chem
es a
re r
equi
red
to c
ompl
ete
a fir
st l
evel
reg
ulat
ory
exam
inat
ion,
bas
ed o
n th
e qu
alify
ing
crite
ria a
s it
appe
ars
in S
ectio
n 4
and
a se
cond
leve
l re
gula
tory
exa
min
atio
n ba
sed
on t
he q
ualif
ying
crit
eria
in S
ectio
n 8;
E
xam
inat
ion
bodi
es h
ave
the
disc
retio
nary
pow
ers
to o
ffer
a co
mbi
natio
n ex
amin
atio
n fo
r re
pres
enta
tives
wor
king
with
Par
ticip
ator
y In
tere
sts
in C
olle
ctiv
e In
vest
men
t S
chem
es,
whe
re s
uch
repr
esen
tativ
es m
ay c
hoos
e to
com
plet
e on
e ex
amin
atio
n th
at a
ddre
sses
the
qual
ifyin
g cr
iteri
a as
it
appe
ars
in S
ectio
ns 4
and
8;
The
qua
lifyi
ng c
rite
ria
in S
ectio
n 4
and
Sec
tion
8 se
rve
as t
he c
riter
ia a
gain
st w
hich
qua
lific
atio
ns w
ill b
e ev
alua
ted
for
incl
usio
n on
the
lis
t of
rec
ogni
sed
qual
ifica
tions
.
-~~
-~
Ta
sk
Kn
ow
led
ge
Cri
teri
a
Ski
ll C
rite
ria
Est
ablis
h an
d de
fine
a D
escr
ibe
ho
w th
e F
AIS
Cod
e of
Con
duct
is a
pplie
d P
rovi
de d
iscl
osur
es to
clie
nts.
pr
ofes
sion
al r
elat
ions
hip
with
.
whe
n pr
ovid
ing
finan
cial
adv
ice
to a
clie
nt.
your
clie
nt.
Dis
cuss
the
prod
uct
disc
losu
res
that
sho
uld
be
mad
e to
clie
nts,
bot
h up
fron
t and
ong
oing
.
Gat
her
info
rmat
ion
in o
rder
to
Dis
cuss
the
impo
rtan
ce a
nd p
urpo
se o
f P
erso
nal
Gat
her
rele
vant
info
rmat
ion
by c
ompl
etin
g a
cond
uct
a ba
sic
need
s F
inan
cial
Pla
nnin
g.
ques
tionn
aire
/ask
ing
rele
vant
que
stio
ns w
here
an
alys
is f
or a
clie
nt.
a.E
elic
able
. D
iscu
ss t
he i
mpo
rtan
ce a
nd p
urpo
se o
f Inv
estm
ent
Det
erm
ine
the
clie
nt's
ris
k pr
ofile
(in
clud
ing
age
and
Pla
nnin
g af
ford
abili
ty) .
Inte
rpre
t and
exp
lain
bas
ic fi
nanc
ial
stat
emen
ts.
Gat
her
data
in t
erm
s of
cap
ital
and
inco
me
requ
irem
ents
(ex
clud
ing
the
resu
ltant
rat
e) i
n or
der
to d
efin
e pe
rson
al a
nd f
inan
cial
goa
ls o
f the
clie
nt b
y de
term
inin
g:
• th
e cl
ient
's a
bilit
y to
sav
e;
• A
ttitu
de t
owar
ds d
ebt;
· th
e cl
ient
's a
sset
s an
d lia
bilit
ies,
cas
h flo
w,
inco
me,
net
wor
th a
nd b
udge
t; •
the
clie
nt's
tax
pos
ition
. I I
Gat
her
data
in t
erm
s of
inve
stin
g fo
r gr
owth
and
/or
inco
me
(incl
udin
g ex
istin
g po
rtfo
lios)
by:
I ·
dete
rmin
ing
the
clie
nt's
cur
rent
ass
ets;
..., m
z ~
(..)
U1
.....
.p. G) ~ m
JJ z s: m
z -I
G) ~ ~ m
U1 o d OJ m
JJ
rv
o o (Xl
No.
3.
Ta
sk
Ana
lyse
and
eva
luat
e th
e cl
ient
's f
inan
cial
sta
tus
as p
art
of a
bas
ic n
eeds
ana
lysi
s.
46
Kn
ow
led
ge
Cri
teri
a S
kill
Cri
teri
a
iden
tifyi
ng c
ash
flow
s av
aila
ble
for
inve
stm
ents
; •
dete
rmin
ing
clie
nt's
exp
erie
nce
and
attit
ude
tow
ards
inv
estm
ents
; •
dete
rmin
ing
clie
nt's
inv
estm
ent
obje
ctiv
es;
clie
nt's
tole
ranc
e fo
r in
vest
men
t
clie
nt's
exp
ecta
tions
in t
erm
s of
f--------_
__
__
__
__
__
_ I-
ide
nti
fyin
g th
e cl
ient
's ti
me
horiz
on.
Est
ablis
h th
e cl
ient
's r
isk
prof
ile a
nd i
nves
tmen
t
Exp
lain
bas
ic i
nves
tmen
t pr
inci
ples
inc
ludi
ng b
ut n
ot
limite
d to
: in
com
e ve
rsus
cap
ital
grow
th,
• ris
k ve
rsus
ret
urn
tax
effic
ienc
y;
&
Tim
e V
alue
of
Indi
cato
rs in
clud
ing
but
not
limite
d to
C
PIX
, in
tere
st r
ates
, G
OP
, cu
rren
cy,
exch
ange
rat
es a
nd t
heir
affe
ct o
n in
vest
men
ts,
• B
ench
mar
ks a
nd i
ndic
es;
Eco
nom
ic p
rinci
ples
(bu
y an
d se
ll, e
cono
mic
cy
cles
, su
pply
and
dem
and,
etc
.) F
orei
gn I
inte
rnat
iona
l in
vest
men
ts.
Mar
ket
Exp
ecta
tions
and
Inv
estm
ent
Ris
k A
ctiv
e ve
rsus
pas
sive
man
agem
ent
Ran
d C
ost A
vera
ging
o
Com
poun
d In
tere
st a
nd r
einv
estm
ent
of in
com
e D
iver
sific
atio
n
need
s, a
nd m
atch
thi
s w
ith s
uita
ble
offe
rings
Cal
cula
te t
he r
equi
red
rate
of r
etur
n to
rea
ch t
he
clie
nt's
inv
estm
ent
obje
ctiv
es.
----
----
-----;----:---c;------:---:--;------t
Des
crib
e th
e m
ain
asse
t cl
asse
s un
derly
ing
a D
eter
min
e a
clie
nt's
inv
estm
ent
need
s in
ter
ms
of
colle
ctiv
e in
vest
men
t in
ter
ms
of s
truc
ture
(in
clud
ing
inve
stin
g fo
r in
com
e an
d lo
r gr
owth
, ba
sed
on t
he
(J) ~ :....j
(J) /\ o m
J) » z .-1
-'
()1 o ~ o co m
J)
I\) o o O:l z o w
-'
()1
-' .po ~
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